high-conviction bearish continuationBritish Pound/Japanese YenFX:GBPJPYDG_PAVWhat confirms distribution here 1. Multi-week rise into resistance: GBPJPY had a clear multi-week rally from ~207 up to ~216 The red box correctly captures the topping zone Price pushed into a prior resistance area and stalled there 2. Topping range / sideways action: Inside the red box you can count 6–8 weeks of sideways movement Price repeatedly failed to sustain new highs Multiple upper wicks visible — sellers pushing back every attempt to break higher This is exactly the multi-week range distribution requires 3. Failed breakout attempts: The red arrows you've marked show exactly this Price pokes above the range, fails, and closes back inside Classic large-player behaviour: absorbing retail breakout buyers 4. Delta divergence: Delta is not strongly negative but it is not expanding positively either Despite price holding near highs, delta remains flat/weak That muted delta during a sideways high = quiet distribution, not aggressive accumulation