On the weekly chart, notice the 200sma which can act like a magnet. Short term the anticipation is that the yen trades down to the major support levels and finds the buyers. My anticipation is that the 38% fib level may be overshot by just enough to reach the weekly moving average. At that point I would not be surprised if the yen makes a quick move down to the 50% fib level only to be rejected and we see the yen move sharply higher. A stop below the 61% fib level provides a sufficient reward to risk ratio for an anticipated move back toward 118
