ECB is unclear on its QE, with regards to tapering or the end of the programme. Equities tanked due to due to the uncertainty around further ECB steps. Initially, we saw de-risking, but stay tuned for greater clarity in the December ECB meeting.
In the aftermath of ECB, Philly's Fed went better than expected, while the US initial jobless claims came in at 260K vs. 250k estimate. Technically USD/JPY might drop further from 2 POC zones.
Watch the reaction around POC1 (H4, trend line, 61.8, EMA89) within 103.80-90. If the pair proceeds above 114.05 we might see POC2 getting hit within 104.08-20 zone (H5, 88.6, trend line). Both rejections should target 103.40 and 103.20, subsequently. Only h1 momentum or 4h close below 103.15 should open the door for 102.65 test.