GBPJPY - Wyckoff Distribution idea

GJ has been down trending since October 19, 2021. Currently sitting on a daily support level. Zooming in to a 4-hour chart we can see that is currently on a trading range (TR). The last rally of the TR looked, to me at least, extremely bullish, but acted bearish, as this rally was completly negated by the last reaction. This reaction brough price to the base level and broke the support wing channel. Also, in the last reaction, price didn´t have a lot of supply volume. This can indicate an ease of movement. I would rather see heavy supply volume after the UTAD.

The lack of heavy volume, plus the candles the broke the support wing channel that don´t look too threatening, and the bullish engulfing candle, might indicate a short rally is coming.

Comment:

I completely got this one wrong, but here is the thing, if you are a Wyckoffian, where i thought was the UTAD was just an UT and the SOW is the spring. Thus, an accumulation.

Order cancelled