USD/JPY Price Analysis: Bulls in play, but bears waiting to pounce

• USD/JPY bulls are accumulating the drop.
• Bears will be looking to target the 113.50 sell stop one. 

USD/JPY is in a state of consolidation between a wide range on the daily chart. However, there are prospects of a short term correction on the hourly time frame that could leave a bearish opportunity into the end of the week as follows:

USD/JPY H1 chart

The price is attempting to correct and the 38.2% Fibonacci retracement level is a compelling target given the buy stops that will be above the 113.80 level and prior highs.

USD/JPY daily chart

From a daily perspective, the price could be in the process of forming a bearish head and shoulders: