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

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.

On the chart of GBPJPY M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 204.05; the lower boundary 203.54; the width of the pattern 51 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 203.32 level.

The Double Top reversal pattern has been formed on GBPJPY H1. Characteristics: the upper boundary 203.91; the lower boundary 203.32; the width of the pattern is 64 points. Sell trades are better to be opened below the lower boundary 203.32 with a possible movements towards the 202.92 level.

According to the chart of M5, GBPJPY formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 203.21/203.27 and upper border is 203.35/203.27. The pattern width is measured on the chart at -14 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GBPJPY breaches the lower border, the price could continue its move toward 203.12.