USD/JPY Price Analysis: Bears eye a break of 131.20

• USD/JPY bears are in the market and 131.20 is key in this regard.
• A breakout of the coiled market conditions could be on the cards. 

As per the prior analysis, USD/JPY Price Analysis: Bulls need to show up or 131.00 is a viable target, the bears moved in to capitalize on failures to crack the trendline resistance.

USD/JPY prior analysis

It was stated that USD/JPY´s M-formation was pulling in the price to the neckline support and if the bears stuck around, then while being on the front side of the bear trend, 131.00 could easily come back under pressure for the days ahead:

USD/JPY update

The market melted and is now correcting the move:

On an hourlñy basis, as per below, the market is coiled and a breakout to the downside could be in store:

131.20 is key in this regard.