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.
Note
Trade active
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.