GBPJPY In a Channel

As you see, price is in an ascending channel and has approached to the lower band of it, then has been pushed to the up.

On the other hand, price has reached to the descending trend line (dynamic resistance level) which has been tested for several times by price.

Bullish Scenario:
IF price breaks out the descending trend line to the upside, we can expect a rise at least to the middle line of the ascending channel around (151.500 - 151.800)
(Remember that there is a supply level there).

Bearish Scenario:
IF price gets rejected by the descending trend line, we might see a downside breakout on the channel's lower band and price may drop around 147.250 which is a support level.