Bank of America Global Research discusses USDJPY technical outlook.

"FX intervention by the Bank of Japan to strengthen the yen pushed USDJPY lower. Spot is testing uptrend support at 156.37-156.02 (trendline and Ichimoku cloud).Brief intraday breaks below support have been bought, with price continuing to close above 156. As long as this holds, uptrend support remains intact, with scope for a tactical rebound toward the top of the cloud at 158.60-158.85," BofA notes.

"However, MACD has crossed down and Ichimoku may, too. An intact price uptrend with bearish trend signal(s) suggest choppy, tactical trading until realignment. A daily close below 156 would validate bearish signals, opening downside toward the 200‑day SMA (~154.27) and potentially the Fibonacci retracement near 152.76," BofA adds.