USD/JPY Price Analysis: USD/JPY embarks on near term bullish correction

• The price of USD/JPY broke below structure in the 105.95 area and made fresh continuation lows of 105.10 in recent trade.
• The price may warrant a pullback and target prior lows before extending further into bearish territory.
• The 61.8% Fibonacci is marked as a possible retracement target where it meets prior structure. 

USD/JPY bears are in control following a decent from the 107 area and breaking below critical support around the 106 figure. 

The US dollar has been thrown around from side to side correlated to the ebb and flow in the US treasury market.

Technically, the price is embarking on a break of monthly structure to the downside, although, so long as the bulls commit for long enough, failures could lead to a re-run to the upside for longer. 

Meanwhile, in the following hourly chart, there could be a retracement to the upside whereby the 61.8% Fibonacci is marked as a possible retracement target where it meets prior structure:

Hourly chart

Meanwhile, from a longer-term perspective, the bears are testing a critical support where the outlook remains bullish until broken to the downside:

Monthly chart

On the daily chart, the price is consolidating below bearish structure. A break of the structure will likely leave the price into a phase of consolidation in a battle between bears and bulls for control. 

Daily chart