Weekly Price Action Setups & Key Levels | Oct 22-27

nzdjpy price action analysis 2ndskiesforex

My Current Active Open Trades: EURCHF, CHFJPY, EURRUB, AUDUSD, FTS, TRP, REMX, XHB, FXo EURJPY, FXo EURPLN

NZDJPY – False Break at MT Key Resistance Followed by 200 Pip Sell Off (4h chart)
During the week, we saw a pre-breakout forming against the MT key S/R level mentioned in our member commentary last Sunday.

Initially this structure was followed by a breakout, which was only short lived as bears quickly pushed price back down below 80.50, followed by a 200 pip sell off, breaking through and closing below the minor ST support @ 79.30.

Congratulations to those that a) attacked this level with a stop wide enough or b) were able to successfully take advantage of the false break setup, …

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