Controlling the magnetization reversal process of magnetic elements is important for a wide range of applications that make use of magnetoresistive effects, but is difficult to achieve for devices that require adjacent thin film structures capable of contacting an individual molecule or quantum dot. We report on the fabrication and measurement of ferromagnetic break junction devices with planar, elliptical leads to address the particular challenge of controlling the relative magnetization alignment between neighboring electrodes. Low temperature transport measurements, supported by finite-element micromagnetic simulations, are used to characterize the magnetoresistance response across a range of conductance levels. We demonstrate that an in-plane external field applied parallel to the hard axis of the ellipses may be used to controllably switch the magnetization of the source and drain electrodes between monodomain-like parallel and antiparallel configurations for devices in the tunneling regime.