FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Double Bottom pattern has been formed on GBPJPY M5. Characteristics: the support level 201.64; the resistance level 201.85; the width of the pattern 21 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 21 points.

According to the chart of M5, GBPJPY formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 201.85 - 0.00 and support 201.64 – 201.64. In case the resistance level 201.64 - 201.64 is broken, the instrument is likely to follow the bearish trend.

The Double Bottom pattern has been formed on GBPJPY M5; the upper boundary is 201.84; the lower boundary is 201.64. The width of the pattern is 18 points. In case of a break of the upper boundary 201.84, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

According to the chart of M15, GBPJPY formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 204.05 and 203.40 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 65 pips. Outlook: If the upper border 204.05 is broken, the price is likely to continue its move by 204.01.

The Double Top reversal pattern has been formed on GBPJPY M30. Characteristics: the upper boundary 204.03; the lower boundary 203.54; the width of the pattern is 51 points. Sell trades are better to be opened below the lower boundary 203.54 with a possible movements towards the 203.24 level.