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  • Bears are ready to pounce at this juncture with a focus on near term support.  
  • Resistance on the daily time frame exposes 4-hour support.  

USD/JPY is failing to convince an upward trajectory and the focus is on the downside as the bulls meet a significant Fibonacci retracement area at a confluence of resistance structure.

The following illustrates where the next downside opportunity comes in:

Daily chart

The bulls are testing a critical daily resistance at this juncture. Failures here open risk to the downside.  

4-hour chart

There are still prospects of a last-minute test of 4-hour resistance prior to the daily downside continuation.