GBP/JPY - A couple of options

The bull run may be over. We will find out in the fibzone/SR area marked.

If buyers show up again, price should retest the high at least.
If no sellers show up, we may be switching over to a bear market and I would look for a pull back to this zone after a push through.

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Strength showed itself again at fib zone entrance.

5 minute testing currently.. long entry may setup.

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Test showed weakness still. Waiting for another sign of strength

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Another bounce from the fibzone- and now another test is happening..

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Sellers show up again. Still waiting on:

1. Sign of strength
2. No sign of weakness

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A couple of notes on this:

1. If sellers continue to show up, price will be forced to push down to gain any remaining demand from the fibzone.

2. If sellers fail to show up on the next test (if there is one) then price should move up but more than likely it will not be a strong move up.

3. If strength does not reappear in the fib zone, price will likely move down.

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Price is going lower in search of demand.

In my opinion, it has to show up in the next 20-30 pips or the bull trend is over.

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Price moved up, but a setup did not form correctly.