Bank of America Global Research discusses USD/JPY technical outlook and flags a H&S top in the making.
"July price action was also necessary to show whether a "counter trend" top was forming that could postpone secular upside to 150+. Potential for such a top increases as USDJPY turns down from resistance in the 135s to begin forming the right shoulder of a head and shoulders top," BofA notes.
"The neckline of the top is far away when compared to BBDXY and muddied with clustered support levels like 131.60, 131.35 and 130.41. However below the magenta cloud line at 131.68 will begin to confirm a top. For what it's worth, if this is a top then it measures down to 124.00," BofA adds.