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

The Double Bottom pattern has been formed on EURJPY M5; the upper boundary is 185.64; the lower boundary is 185.59. The width of the pattern is 5 points. In case of a break of the upper boundary 185.64, 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.

The Bearish pennant pattern has formed on the EURJPY M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 185.59 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

According to the chart of M30, EURJPY formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 185.45/185.71 and upper border is 185.92/185.71. The pattern width is measured on the chart at -47 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 EURJPY breaches the lower border, the price could continue its move toward 185.41.

According to the chart of M30, EURJPY formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 185.79 – 185.79 and upper border 185.97 – 185.97. In case the upper border is broken, the instrument is likely to follow the upward trend.

According to the chart of M5, EURJPY formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 185.79 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -10 pips.