• USD/JPY bears are in the market and eye a downside extension. 
• The bulls need to commit or face pressures in the 138s. 

USD/JPY is under pressure with a focus on the 138.80s and then the 138.20s thereafter and the following analysis illustrates this.

USD/JPY H4 chart

As can be seen, the market is on the backside of the prior bullish trend and is starting to break down prior lows within the consolidation phase, aka, structure. the structure of interest in this example was the 139.50 mark that was recently taken out. 

Zooming in, we can see that the price is heavily offered and there are prospects of a move toward the said levels.