USDJPY – False Break Setup Creates Sell Trade | Oct 20

USDJPY – False Break Sets Up Sell Trade (4hr chart)
After forming a false break setup last week below 118.65, the USDJPY is pushing higher towards the top of the range which is the expected play in this scenario.

I’m anticipating a move back into the resistance + sell zone between 120.45 and 121.60 and will look to get short there. Only a daily close above the range highs would negate my bias.

Downside I’d be targeting 119.60 and 118.75.

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Marcus

    like this view and your work! . Personally I am gone long at 119 from the false break setup. I see potential of testing the highs of the weekly Pin a ~ 122 before turning over. Little bit tricky at them moment.

    • Chris Capre

      Hello Marcus,

      The range resistance should attract some sellers so should be interesting.

      Kind Regards,
      Chris Capre