If stocks would come lower then this may have an impact on XXX/JPY pairs still. NZDJPY is looking weak at the moment, possibly completing flat in 2? A little bit too soon, but can become even more interesting.
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As expected NZDJPY turned sharply lower after completed flat correction. So, price can be now unfolding a five-wave decline and can be headed towards new lows, especially if we see a drop on stocks.
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NZDJPY is nicely bearish, now unfolding sub-wave 5 of one; once current wave one fully show up, a new temporary correction as wave two may follow.
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As expected, NZDJPY nicely lower, but much sharper and more impulsive, so we assume that NZDJPY wants to break below wave (B) swing low at 75.50 level, before it turns higher into a correction. Anyhow, long-term we remain bearish, so any recovery will be just a temporary correction within downtrend.