Price has found resistance at the lower parallel of the median line set (daily uptrend) so we keep an eye to see if we will have a reversal to the upside. The safest way to get involved with this one is to wait and see if price has the power to break above the lower parallel of the descending channel (orrange). If it breaks there should be plenty of room to the upside. In that case wait for a pullback to the parallel and watch for a setup completion aiming to the green sliding parallel of the median line set.
@hatagem, Yes that's right..! The support never held so all this idea is no more valid.. I still expect GBPJPY to reverse sooner or later but this wasn't the time.. So we move on.. :)