We’re waiting for news in a few hours that focuses on JPY. Once the news hits, there will be a breakout at lower or higher points as drawn on the chart below. It would be better to execute a trade using buy-stop at 122.880 resistance or sell stop at 122.480 support. A small breakout will give a massive movement – either bullish or bearish.
Good news will start to be bullish while bad news will be bearish.