High Probability Reversal On CHFJPY

I continue to focus on structural moves on higher timeframes. This is another setup I identified, and here's a breakdown of how I derived my downside bias.

1. CHFJPY has been in an uptrend since January 2023. It topped out on August 21st of this year.
   
2. Price retests the high and fails to break higher.
   
3. Just a day after price retests the daily high, there was a large selloff. This is the first sign that buying volume is becoming more and more insufficient in propping price higher.
   
4. Now that I plotted upper and lower range bound levels, price broke below the 164.719 level in the previous session close. In the current session, price is continuing to trend lower, which further supports my bearish bias.
   

Kommentera:

Here is the 4-hour timeframe:

As long as price holds below this 4-hour level, I will continue to remain bearish.