an ascending is formed on the 4 hours chart of the GBP/JPY time frame. a breakout of the channel downward might see a medium to long term bearish movement and target should be placed the first and second support levels down the channel. on the other hand, if price rather moves up in the channel, then we might see the double top broken and price reaching for the top of the channel.
personally i use the 15 mins or 1 hour time frame to place a trade after a setup is identified. please use this idea wisely.