EUR/JPY - Distribution PhaseEUR/JPYOANDA:EURJPYjamesibartramEUR/JPY – Potential Distribution Phase 🕰 Monthly View We are inside a Wave (5) extension, with price testing above the 173.000 handle. Strong historical supply/resistance zone is capping upside momentum. Bias remains cautiously bullish long-term, but we may be forming a macro top before retracement. 📉 Daily View Price reacted perfectly from the 71% retracement zone (classic rejection). Currently consolidating inside a wedge pattern. Daily active supply between 172.200 – 173.000 is holding, acting as a ceiling. If structure breaks down, watch for liquidity sweep into the 167.500–168.000 demand zone. ⏱ 1H/Intraday View Accumulation phase has been spotted with a manipulation wick (highlighted). Resistance is active near 172.000, where sellers continue defending. Breakdown below 171.200 (collapsed support) could confirm bearish continuation into 170.900 → 170.000 targets. Short-term bullish relief possible, but likely to be capped at supply for a distribution sell-off setup. 🎯 Trade Zones Sell Setup (High Probability): Entries: 171.800 – 172.200 (active resistance/supply). Targets: 170.900 → 170.000 → 167.700 (major demand). Invalidation: Clean break above 173.000 would invalidate short bias and open bullish continuation. ⚖️ Bias Medium-Term: Bearish toward 170.000 → 167.700. Long-Term: Bullish as long as monthly Wave (5) holds above 165.000. 🔑 Patience is key — waiting for supply rejection before entries.