themarketzone

Bearish Bat with False Break

FX:USDJPY   U.S. Dollar / Japanese Yen
Last week, USDJPY             complete a bearish Bat pattern along with daily Outside Bar pattern and a daily False Break.
My resistance zone that included the bearish harmonics, daily downtrend line, structure and the 50 days MA line held following a small daily false break and it seems like USDJPY             is maybe heading towards the support zone near 103-104.

A breakout above 107 will send USDJPY             towards 111 to test the next resistance zone .

The daily False Break stopped out many traders from being in this successful reversal zone - If you struggle with setting your stop loss orders, read my blog post here http://goo.gl/J1HaHm

Tomer, The MarketZone
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Trade closed: target reached
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