JP Morgan sees USDJPY a sell on rallies into the 1555 zone in the near-term.

"We retain decent length in JPY here but reduced a touch this morning given the distance we have come and the fact we have grazed the 152 handle which caused  so much disappointment back in Q1, would expect rallies back to 155.00/20 to be sold going forward," JPM notes.

"Risk-event- wise the BoJ could be tricky with so much priced in but we think the Fed could add fuel to the fire; 15bp priced is too much in my opinion given Williams and Waller (and Trump!) comments, roll on CPI. As mentioned, 152.10/25 is a sharp double bottom from Q1, through the big big figure of 150 the next target for me is 145.50/00," JPM adds.