USD/JPY Price Analysis: Bulls throwing in the towel? 103.50 is the big test

• USD/JPY bears in control below critical daily resistance.
• Bulls need to guard the mid-point of 103 on the next test.

In the prior analysis, USD/JPY bulls pressure a critical resistance in 103.90 but lack conviction, it was noted that there were little prospects of a break beyond resistance. 

In the 4-hour chart below, it was illustrated that there was a strong level of resistance for which the bulls will need to conquer to open prospects for an upside continuation:

That being said, in the original technical analysis, USD/JPY Price Analysis: Bulls taking charge from 61.8% Fibo, the price action is yet to fully invalidate the bullish bias.

The following is an up to date illustration of where the bias lies, so long as 103.50 holds. 

As can be seen, the price is trapped between both dynamic short term support and the longer-term downtrend resistance. 

Zooming in, staying on the daily chart, the price is holding above the presumed low. 

Bulls need to break the daily resistance of prior highs, yet there is little to suggest that this will occur anytime soon as the price moves deeper into the descending channel.