This pair (and all other JPY pairs for that matter) is largely dependent on the global economy tanking, led by the US. The JPY has been seen as a safe haven asset (hence the flash crash last week as buyers rushed in) and the BOJ have openly stated that they have no stimulus to keep the currency within a specific range since they have exhausted these tactics in 2017 (see my link to article in my USD JPY analysis). The JPY has a long way to fall and is a great trade to get into in terms of a swing trade. I expect the JPY and all of it's pairs to take about 1.5 months to bottom. I have a price target on this but it is related to USD JPY so I will make a separate analysis with a longer term view for that.
Personally this is a longer term swing trade for me which I will keep adding to and will hedge using buy orders to protect any consolidation periods/corrections. It's not too late to get involved in this one and could be a really nice start to 2019. Note that this opinion stands for all of the JPY pairs within the next 1-2 months so depending on which broker you use this has a huge potential for a great trade as it has an excellent risk/reward ratio and is insulated from any of the potential global macroeconomic factors or a wider slow down as it's one of a very few (if not the only) safe haven asset right now. Just for clarification here I am referring to the JPY as a whole rather than this specific pair.
This is my first analysis, if you like it please give me a thumbs up and please feel free to comment as I am passionate about sharing ideas with other traders.
Happy trading everyone!