Citi discusses USD/JPY near-term technical outlook.

CitiFX Technicals flags levels for USDJPY: USDJPY set a new trend high at 131.35 before retracing lower and ending the day indecisive. At the close, price action experienced triple momentum divergence at the trend high (one of our top 3 favorite indicators)," Citi notes. 

"If price action follows through and trades lower, the 1st support to watch is 128.63 (May 2022 low). A close below 128.63, if seen, would complete a double top and suggest a target of 126 with intermediate support at 126.95...Prefers expressing downside via crosses including EURJPY and AUDJPY," Citi adds.