USD/JPY Price Analysis: Bears eye a test below 115 the figure

• USD/JPY is under pressure and below daily support.
• Bears eye a test below 115 the figure for the coming session.

The price has been melting in a risk-off environment supporting the yen in the day. The following illustrates the market structure and the prospects of a downside continuation for the session ahead. 

USD/JPY daily chart

The daily chart is showing that the price is under pressure with room towards 114.95 given that it has pierced the prior highs and old resistance near 115.50

USD/JPY H1 chart

A break of the current support opens risk into the 114.40s for the near term as per the structure highlighted on the hourly chart above and the 15-min chart below:

The price could be on the verge of a test of the neckline of the 15-min chart's W-formations as illustrated above. If this were to give, then the price would be expected to melt to test and break 115 the figure in the coming session. If on the other hand, the area holds, ten a re-run into 115.25 would be back on the cards. If the bulls engage, then 115.60 will be eyed: