There is a strong zone of support around 120 lvls on the higher time frames.
For day traders you do have a small chance to short till 120, after which you can expect some kind of . The meat of the move will happen around GBP septermber CPI numbers tomorrow.
On the there is a divergence of price and momentum, which is why there is also a strong possibility of a bounce up once prices goes down to 120. If there is a clean bounce off the 120 along with a follow through in the price and for a few days after the bounce, I will look to enter a week long Buy position in GBP/JPY once price moves above 136 and the patterns at that time support a buyers sentiment.
If the support at 120 is broken and I see follow through for the next 2 days, I'll look to enter short positions on the pullbacks as price legs down.