GBPJPY - 10 February 2022

In terms of daily, we may see the high as weak but price showing respect to the extreme and gives a daily bearish CHoCH, we might have a chance to run the high or respect the high daily high. In 4H, price mitigates this strong supply (4H LQ POI) once, and continue to trade higher, we may see this as a FR too but price is now giving another bearish 4H CHoCH, which has a chance to respect this supply as price haven't fully break it yet. As we now get a 4H bearish CHoCH, although it's not convincing but we may say that bearish intention starts kicking in.

In terms of LTF, 15m price is now back into bearish OF, price mitigates a demand after 15m BOS to downside but the reaction from the demand is not decent. We get a corrective pullback and this happen in quite high in the HTF leg which is a sign of insufficient bullish momentum, we might see price to go lower from here. Waiting for a confirmation to get into a Short is a good idea.