Hey let's revive this thread. Morgan Stanley has a buy order on it right now with a target of 120. JPY bears are back in control with only minor "tweaks" to ECB euro-weakening programs. Makes sense for this cross to uptrend back to the mean of 120.
Here's my view on this pair, based on the daily charts. I am now long this pair with first targets at 117, but most targets at around 122. The stop is a bit below the lows of Sept 21st. I should have entered on Sept 28, on the break of the highs of Sept 27, but I wasn't monitoring this pair. I still see decent risk/reward for longs.
The price is likely to take out those short with stops above the highs of the big bearish Brexit daily bar, before deciding what to do with those long at or near the bottom of that same bar