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

According to the chart of M15, NZDJPY formed the Inverse Head and Shoulder pattern. The Head’s top is set at 93.45 while the median line of the Neck is found at 92.92/93.20. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of NZDJPY will go towards 93.68

The Double Top reversal pattern has been formed on NZDJPY M15. Characteristics: the upper boundary 93.84; the lower boundary 93.72; the width of the pattern is 13 points. Sell trades are better to be opened below the lower boundary 93.72 with a possible movements towards the 93.50 level.

According to the chart of M5, NZDJPY formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 93.57 and 93.34 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 23 pips. Outlook: If the upper border 93.57 is broken, the price is likely to continue its move by 93.61.

On the chart of the NZDJPY M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 93.04, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 12 points.

The Double Top pattern has been formed on NZDJPY M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 93.04 is broken, the downward movement will continue.