JP Morgan - "While USD/JPY has kept the door open to resume its broader up-trend straight away with the defense of key-Fib.- support at 95.62 (minor 76.4 %) we still see greater down- risks for EUR/JPY and GBP/JPY. Particularly EUR/JPY looks vulnerable as it just broke below daily trend line support (now resistance at 129.73), which suggests that the downside is open for a test of 124.97/95 (pivots) and 123.98 (C = A) if not for an extension to 121.04 (int. 38.2 %). Only above 129.73 the pressure would ease but for a confirmed resumption up it takes a break above 132.46 (daily trend).
The same applies for GBP/JPY where it would take a break above 154.47 (minor 76.4 %) to prevent a break below 147.47 (daily neckline) for a minimum decline to 144.41 (C = A) and to 143.00/142.22 (int. 38.2 % on two scales). The downside in USD/JPY would only re-open below 95.62 and would most likely be limited to the key-T-junction at 93.575/92.572 (int. 38.2 %/pivot). Only decisive breaks below the just mentioned 38.2 % retracements would start questioning the bigger JPY downtrends in favor of broader recoveries to 50 % retracements at 89.70 (USD/JPY), at 113.97 (EUR/JPY) and at 136.80 (GBP/JPY)."