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

The Triple Bottom pattern has formed on the chart of GBPJPY M5. Features of the pattern: The lower line of the pattern has coordinates 195.58 with the upper limit 195.58/195.42, the projection of the width is 25 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 195.33, the price is most likely to continue the upward movement.

According to the chart of M5, GBPJPY formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 197.35 – 197.35 and upper border 197.51 – 197.51. In case the upper border is broken, the instrument is likely to follow the upward trend.

The Triple Top pattern has formed on the chart of the GBPJPY M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 197.35/197.42 with the upper limit 197.50/197.50; the projection of the width is 15 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 197.35, the price is most likely to continue the downward movement.

On the chart of GBPJPY M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 197.51; the lower boundary 197.35; the width of the pattern 16 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 197.20 level.

According to the chart of M5, GBPJPY formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 197.40 and 196.98 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 42 pips. Outlook: If the upper border 197.40 is broken, the price is likely to continue its move by 197.36.

The Triple Bottom pattern has formed on the chart of GBPJPY M5. Features of the pattern: The lower line of the pattern has coordinates 197.28 with the upper limit 197.28/197.12, the projection of the width is 31 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 196.97, the price is most likely to continue the upward movement.

The Double Bottom pattern has been formed on GBPJPY M5; the upper boundary is 197.28; the lower boundary is 196.96. The width of the pattern is 31 points. In case of a break of the upper boundary 197.28, 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 Triple Top pattern has formed on the chart of the GBPJPY M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level 4, support level -16, and pattern’s width 35. Forecast If the price breaks through the support level 197.82, it is likely to move further down to 197.96.

The Double Top reversal pattern has been formed on GBPJPY M5. Characteristics: the upper boundary 198.14; the lower boundary 197.30; the width of the pattern is 87 points. Sell trades are better to be opened below the lower boundary 197.30 with a possible movements towards the 197.15 level.

The Double Bottom pattern has been formed on GBPJPY M5. Characteristics: the support level 197.77; the resistance level 197.90; the width of the pattern 13 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 12 points.