Textbook distribution playing out here with JP225USD.
Price is being rejected form a daily resistance as we see bull pressure fading towards the latter stages of this range.
At time of writing P&F count is currently 1050 giving us a lower target of 22000. heavy rejection on the H1 TF has further increased the probability that bears are in control here.
Maybe a Monday morning sell off in Asia will see this play out. Bear in mind we have not reached phase D. I will re-count and update here as this unfolds.