USDJPY - Week of May 14th, 2017

14 May 2017

Daily for UJ as been on an uptrend for a couple of weeks and closed on a strong bearish candle 5-12-17. Pricing reversed at D-POR. Note that this reversal started in quarter theory zone of 114.500. H4 is showing countertrend movement as compared to daily and price is also approaching an H4 S/R zone so a reversal could occur here. I'm not considering a trade at this very moment until confirmation is shown that supports entry at levels marked which could be an approximate 200 pip trade. Soooo....I will continue to be patient and monitor for further confirmation :-).