USDJPY H1: Bearish outlook seen, further downside below 138.50

On the H1 time frame, prices are facing bearish pressure from the resistance zone at 138.50, in line with the Fibonacci confluence levels where a pullback to this zone presents an opportunity to play the drop to the daily demand zone at 135.20. Prices are also holding below the 20 MA and Ichimoku cloud as well, supporting the bearish bias.