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U.S. Dollar / Japanese Yen
Long

USDJPY - Bullish Engulfing

By justinholtgrave
Updated
USDJPY has formed a significant bullish engulfing with a very strong Bollinger Band outbreak, at a strong support level after making what appears to be a fake break below the support level. Price gaped up strongly, then formed a significant bullish engulfing candle. I normally only trade significant engulfing candles in the direction of the current trend, however, the extremely strong Bollinger Band outbreak confirms this setup. The weekly time frame appears to be in a bullish continuation pattern after a strong impulse to the upside.
Comment
Price is currently forming a bullish engulfing on the weekly time frame. A bullish engulfing close on the weekly time frame will further confirm this long trade setup.
Weekly POV: snapshot
Comment
Currently +144 pips in profit. I will continue to hold as a significant bullish engulfing candle closed on the weekly time frame.
snapshot
Comment
Still holding. Currently +366 pips in profit.
Trade closed: target reached
+490 pips profit.
buyCandlestick AnalysiscandlestickpatternEngulfing CandlejpyLONGMultiple Time Frame AnalysissupportSupport and ResistanceUSDUSDJPY

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