USD/JPY Price Analysis: Bears seeking downside extension

• Dollar bulls stepping aside and giving way to the yen.
• USD/JPY bears are looking for a close below current short-term structure. 

The price of the US dollar has taken a hit on Monday and might be expected to remain weak as markets get set for further US data in an oversubscribed short dollar positioning. 

Meanwhile, USD/JPY is offering a potential downside opportunity according to the hour chart as follows:

1-hour chart

Following the correction and deceleration, traders can move down the lower time frames for a vantage point and to exploit any bearish structure and probable resistance that could potentially protect a stop loss. 

10-min chart

The bears are looking for a break of 10-min support and on a restest of it, the structure would be expected to act as resistance.

This makes the structure an optimal place for entering the market protected with a stop loss above the structure.