FX.co ★ Patterns GBPJPY | British Pound (GBP) to Japanese Yen (JPY) Rate in the Forex market

According to M30, GBPJPY is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 190.35/189.98 is broken out, the instrument is likely to move toward 190.28.

On the chart of the GBPJPY 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 188.78, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 50 points.

The Double Top reversal pattern has been formed on GBPJPY M15. Characteristics: the upper boundary 189.90; the lower boundary 189.67; the width of the pattern is 23 points. Sell trades are better to be opened below the lower boundary 189.67 with a possible movements towards the 189.45 level.

On the chart of GBPJPY M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 189.90; the lower boundary 189.67; the width of the pattern 23 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 189.52 level.

According to the chart of M5, GBPJPY formed the Bullish Rectangle. The pattern indicates a trend continuation. The upper border is 189.90, the lower border is 189.67. The signal means that a long position should be opened above the upper border 189.90 of the Bullish Rectangle.

The Double Top reversal pattern has been formed on GBPJPY M5. Characteristics: the upper boundary 189.89; the lower boundary 189.68; the width of the pattern is 20 points. Sell trades are better to be opened below the lower boundary 189.68 with a possible movements towards the 189.53 level.

On the chart of GBPJPY M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 189.89; the lower boundary 189.78; the width of the pattern 11 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 189.63 level.

According to the chart of H1, GBPJPY formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 191.26, the lower border is 190.12. The signal means that a short position should be opened after fixing a price below the lower border 190.12 of the Bearish Rectangle.

According to the chart of H1, GBPJPY formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 190.12 – 190.12 and upper border 191.26 – 191.26. In case the lower border is broken, the instrument is likely to follow the downward trend.

According to the chart of M5, GBPJPY formed the Head and Shoulders pattern. The Head’s top is set at 191.20 while the median line of the Neck is found at 190.91/190.94. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of GBPJPY will go towards 190.79.