Ascending Channel on EUR/JPY D1 Chart — Reversal Pending?

The rising channel pattern that is now so evident on the EUR/JPY D1 chart has began forming two months ago. Basically, the channel is a correction wave of the major bearish trend that lasted since early December 2014 till April 2015. The borders of the channel are based on multiple daily highs and lows and appear valid.
You can see the borders of the ascending channel depicted with the yellow lines on the chart below. The cyan line shows a bearish breakout entry point and is located at 10% of the channel’s height below the bottom border. The green line is a take-profit target placed at 100% of the channel’s height below the border. As always, I will set my stop-loss to the high of the breakout bar or the high of the preceding bar if the breakout one will be located mostly outside the channel. I will not trade a bullish breakout from this channel formation as the ascending channel is a continuation pattern for a previous trend, which was clearly a downtrend. Please click on the image below to see a bigger screenshot of the chart:

The channel was detected using the Channel Pattern Detector indicator. The chart was built using the ChannelPattern script. You can download my MetaTrader 4 chart template for this EUR/JPY pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2015-06-26: The breakout entry has been triggered yesterday in the morning. The open price is 137.943 with stop-loss at 139.175 (the high of the bar before breakout) and with the current take-profit at 132.870. The latter will be rising every day as the ascending channel implies an inclined take-profit line. The breakout itself was rather modest:

Update 2015-07-07 18:24 GMT: Thanks to Greece, the trade has hit its take-profit level today at 8:53 GMT. The actual close level was at 134.488:


If you have any questions or comments regarding this ascending channel on EUR/JPY chart, please feel free to submit them via the form below.