Going long on GBPJPY

17 aug. 2022As you can see price has created a descending trendline on GBPJPY and given us a breakout candlestick which signals that we could see price reverse and push to the upside. Furthermore price has been struggling to break below that 160.110 level signaling to us that the bulls have started to take back control in the market. I have set my stop below the breakout candle as this is a swing low and price cannot come back to retest this level as price now has to start making higher highs and higher lows otherwise our buy trade would be invalidated.