USDJPY - Possibly time for reversal, but don't hold your breath

FX:USDJPY   U.S. Dollar / Japanese Yen
As we are all aware, USDJPY has defied gravity recently, and I am pretty sure a lot of people have been stopped out at various points expecting a reversal.

I am hopeful for a reversal now, however not ruling out a further stretch upwards.

the chart on the right is daily, whereas the left is H4.

On the daily chart see how the price didn't significantly break Resistance 4 and has bounced back to form a Doji (equal buying and selling pressure)

Notice how at previous resistance R1, 2 and 3, the candle stick either closed on the line, or significantly above the line and at R4 this hasn't happened.

I am waiting for confirmation tomorrow of price dropping (and closing) below 112.300

this is bearing in mind that there could be an epic buyer/seller battle before the price goes anywhere!

Notice how the risk to reward is approx 1/2 and my target sits at the next daily resistance level R3.

aforementioned, I am still not 100% certain whether price will reverse, and as you can see on the 4 hour chart, sellers are struggling to bring the price down.

in the case of an extension of the uptrend, I will personally not get involved...


Good luck, its like a jungle out there ;)