Economists at the Bank of America Global Research note that USD/JPY’s uptrend remains intact but the pair needs to surpass the year-to-date high at 116.35 to enjoy further gains.

Break below 113.47 to confirm a double top from YTD peaks

“USD/JPY needs to clear 116.35 (YTD high) for 117.40 and possibly the top of channel at 118.60-119.”

“Alternatively, below 113.47 confirms a double top from YTD peaks at 116.34/116.35.”