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CHF/JPY - Consolidation Pattern Breaking

I was bullish on the CHF/JPY last week after seeing it make a double bottom and confirming the price bottom. However, it has been bearish for almost a month before the proposed bullish reversal attempt, so we should be prepared for bearish continuation price action, which is what we are getting at the beginning of this week.

CHF/JPY 4H Chart 8/23
(click to enlarge)

The 4H chart shows the pair attempt to pushing above 129.00, but failing. That failed bullish breakout was followed by a bearish break of the common support around 128.15. As we get ready for the 8/23 US session, the CHF/JPY is essentially in a bearish continuation attempt. Now, if price can hold above 127.50, there is still a chance for the market to hold the bullish outlook. The bearish breakout is not clear yet. Also, price is still trying to hold above the 100- and 50-period SMAs while the RSI is trying to hold above 40. Basically, CHF/JPY-bulls are at their last line of defense. If this last line of defense is broken, price has the 126.00 handle in sight, with risk of extending the prevailing trend lower towards the support/resistance pivot area of 125.00.|

CHF/JPY Daily Chart 8/23
(click to enlarge)