USD/JPY Price Analysis: Bears stay on top and eye a deeper correction to the 38.2% Fibo

• The price is in the hands of the bulls, but potentially only momentarily.
• The W-formation is being printed, a reversion pattern that could prove to be the determining factor.

As per the prior series of analyses, USD/JPY Price Analysis: Bulls meeting tough resistance from bears despite bull flag, and, USD/JPY Price Analysis: Bears have taken control, eye weekly 38.2% Fibo near 125.00, the price has continued on its southerly trajectory. There are a few hurdles left to cross until the bears reach the 38.2% target, with 127.30 and 126.80 key in this regard. 

USD/JPY weekly chart, prior analysis

USD/JPY live market

The bears are giving some ground back to the bulls at this juncture. However, the daily chart's structure leans bearish still, as follows:

The price is in the hands of the bulls, but potentially only momentarily according to the current W-formation that is being printed. This is a reversion pattern and while a move into resistance is on the cards, the pull of the neckline could prove to be the determining factor that results in a downside continuation for the days ahead.