signal strength 1 of 5
According to the chart of M5, USDJPY formed the Inverse Head and Shoulder pattern. The Head’s top is set at 144.19 while the median line of the Neck is found at 143.77/144.02. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of USDJPY will go towards 144.34
The M5 and M15 time frames may have more false entry points.
See Also
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- Flag
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- Pennant
- Rectangle
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- Triple top
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The Double Bottom pattern has been formed on NZDCAD H1. Characteristics: the support level 0.8187; the resistance level 0.8202; the width of the pattern 15 points. If the resistance level
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The Double Bottom pattern has been formed on AUDUSD H1; the upper boundary is 0.6526; the lower boundary is 0.6511. The width of the pattern is 14 points. In case
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The Double Bottom pattern has been formed on NZDCAD M30. Characteristics: the support level 0.8187; the resistance level 0.8202; the width of the pattern 15 points. If the resistance level
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