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

According to the chart of M5, GBPJPY formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 198.84 – 198.84 and upper border 199.05 – 199.05. In case the upper border is broken, the instrument is likely to follow the upward trend.

The Double Top pattern has been formed on GBPJPY M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 198.86 is broken, the downward movement will continue.

The Double Top reversal pattern has been formed on GBPJPY M15. Characteristics: the upper boundary 199.02; the lower boundary 198.10; the width of the pattern is 95 points. Sell trades are better to be opened below the lower boundary 198.10 with a possible movements towards the 197.88 level.

The Double Top reversal pattern has been formed on GBPJPY D1. Characteristics: the upper boundary 199.80; the lower boundary 198.07; the width of the pattern is 187 points. Sell trades are better to be opened below the lower boundary 198.07 with a possible movements towards the 197.67 level.

On the chart of GBPJPY D1 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 199.94; the lower boundary 198.07; the width of the pattern 187 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 197.67 level.