Bank of America Global Research discusses USD/JPY technical outlook and sees a scope for a move towards 131.50.

"A bearish engulfing pattern confirmed a bearish RSI divergence favoring a tactical correction to 131.50. Note the top of the daily cloud is at 129/128.75," BofA notes. 

"Long term USDJPY charts  remain trend bullish with or without a correction. Of course the upcoming BoJ can make or break these tactical signals," BofA adds.