GBPJPY Possible Bounce or Breakout Play

Looking at a possible bounce play or a breakout setup if price reverses from 140.00 or breaks below. I'm seeing 140.00 as a major price level which makes it a compelling reversal setup. On the other hand, a break below may provide a sell setup given a suitable bearish price action set up.

Let's see now.

Comment:

Now sideways after a 300-pip move from the identify horizontal level. No trades taken though as I did not see a setup within my risk parameters. Anticipating a downswing as the possible next move but price may still continue going higher to re-test.

Comment:

the upper trend line of the channel identified in the chart. :)