False breakout of a resistance level (GBP-JPY, Daily)

Here is a pattern that I've studied in some detail... It's a false breakout of a proven resistance level (in this case a very strong one). Note the little to no travel above the bar, along with a return beneath the level. That signals that the bulls have no interest in higher prices.

Stops can be placed anywhere reasonable above (at some corrective Fibonacci level or a set number of pips for the pair) and targets are at least 2:1. This is a good probability setup in the long run.

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All the best....

Kosai