USDJPY Apr 09 to Apr 13 Outlook

Recap
Tested Y+1 alright. Failed at once forcing the pair back down to Y-1. Y-1 failed to act as support opening the door to selling off down to Y-2. Closed the week below Y-1 but did not tag Y-2.

Outlook
Weaknesses in the pair was partly news shock (i.e. Japanese government b.s.) and partly the slow pullback I have been talking about since its top.

There is no reason for the pair to go higher until the shake out is completed and that most of the weak hands on the long side are removed.

The first sign this consolidation / pullback process will be completed is that we get a 4 hour or higher timeframe double bottom or 1-2-3 buy off the weekly support levels.