GBPJPY Channel Trade

GBPJPY Daily

I am watching this channel from past few sessions, and have traded it for some time. Now a long trade setup is coming up. 

Currently price is at 200EMA and is fast approaching lower trendline of channel.



Price looks oversold and has put 5 consecutive down candles on daily chart. Looks like price may see a bounce from here. 

I am going long at current price, 200EMA at 125.80 half size. I plan to add another long position at touch of channel's lower trendline targeting mid of channel around 127.5. Stop will be on a break and daily close below lower trendline.