JP Morgan - "The JPY has room to extend its latest gains within its broader 4th wave recovery
Given the break below first Fib.-support at 119.41 (minor 38.2 %) in EUR/JPY we see additional downside to 117.25 (38.2 % on higher scale) where the market would offer the perfect risk-reward to bet on a still missing 5th wave advance towards 132.04 (50 %). Similar setups are given in USD/JPY and in various JPY-Crosses where we see good JPY selling opportunities against 89.78 and 88.78/04 (int. 38.2 % on 3 scales) in the former, against 136.84 (int. 38.2 %) in GBP/JPY, against 95.88/57 (int. 38.2 %) in CHF/JPY and equally so against internal 38.2 % retracements at 15.49 in NOK/JPY and at 13.48 in SEK/JPY. The latter together with USD/JPY and CHF/JPY would be our favorite buy candidates whereas decisive breaks below these key-T-junctions would support a much broader JPY recovery which should not be disregarded."