Not too long ago, I was thinking this cross would break out to the upside and believed the red dotted trend line to be what the market was respecting. However, there is now a confirmed mini pennant which has confirmed with a downside break and price has also moved back below a zone that has provided both support and resistance going back to the end of 2016. It now seems that the trend channel as highlighted is containing prices.
Given the bearish outlook in both US equities and also equity markets globally, as discussed here, it would suggest that the Yen, as a risk haven is now likely to strengthen which fits in with a lower GBPJPY.
I'm now expecting price to move back toward the bottom of the trend channel on a multi-month time frame. I can't get bullish unless price breaks above the upper boundary and the top of the pennant.