GBPJPY long setup after break and retest of limit level

Long

British Pound / Japanese Yen (OANDA:GBPJPY)

OANDA:GBPJPY British Pound / Japanese Yen

trendanalysis indicator chartpattern gbpjpylong breakouttrading retest long longsetup priceactionanalysis

Bulls pushed price strongly and broke above limit level. Price came back for a retest of previous resistance now turned support and is currently forming a bullish engulfing candle. You may choose to enter a long position at the open of the next candle after the bullish engulfing candle. SL can be placed below support line or you can scale in on a lower timeframe if you want a tighter SL. Cheers and happy trading!

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