The JPY rate is in the region of long-term support. There are two scenarios. First: breakdown of the level of support with further movement down to area 102. Second: return to the level of resistance to the area of 114.50. Due to the situation with the stock indices and the GBP/JPY cross, the first scenario is more likely. A good entry point for opening a short position yet. Must wait. If there are signals in favor of the second scenario, the support level of 108.08 will be the price for the stop order.
Comment:
Trade active:
Trade closed: stop reached