CHFJPY is in bullish direction in weekly and daily timeframe. However, we can see the depletion of bullish momentum in daily and H4 timeframe. This indicates that price are making a correction before continue its rally to the upside.
Another evidence, we could see that price failed to form a new higher low in H4. Instead, its create a new low at the same level with the previous higher low resembles a neckline in HNS. Therefore, we are going for short at the shoulder level until its complete the structure.