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.
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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:
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Currently +144 pips in profit. I will continue to hold as a significant bullish engulfing candle closed on the weekly time frame.