GBPJPY Channel Down making a Lower High rejection

The GBPJPY pair rose aggressively since the last time we gave our buy signal (April 11, see chart below), quickly hitting our conservative 109.250 Target:

The price has since made a Lower High rejection at the top of the Channel Down but remains supported by the 1D MA50 (blue trend-line). Once broken and it closes a 1D candle below it, we will have bearish break-out signal. Our Targe will be 185.250, which will be the standard -5.85% decline that all 3 previous Bearish Legs had within the Channel Down.

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