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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.
131.35, 128.63 and 126.95 marked in the chart below: