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

According to the chart of M5, GBPJPY produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 209.91 while the median line of the Neck is set at 210.22/210.18. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of GBPJPY will go towards 210.33.

According to the chart of M5, GBPJPY formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 209.96 is likely to encourage a continuation of the downward trend.

The Bearish pennant pattern has formed on the GBPJPY M5 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 210.69, a trader will be able to successfully enter the sell position.

The Bullish Flag pattern has been formed on GBPJPY at M5. The lower boundary of the pattern is located at 211.37/211.37, while the higher boundary lies at 211.47/211.47. The projection of the flagpole is 31 points. This formation signals that the upward trend is most likely to continue. Therefore, if the level of 211.47 is broken, the price will move further upwards.

The Double Bottom pattern has been formed on GBPJPY M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 211.45 is broken. The further movements will rely on the width of the current pattern 15 points.