USDJPY M30: Bearish outlook seen, further downside below 131.20

Prices are ranging between a key resistance zone at 131.20 and a key support zone at 130.50. A pullback to the resistance zone at 131.20 could present the opportunity to ride the retracement to the support zone at 130.50, which coincides with the 61.8% Fibonacci retracement. Prices are holding below the 20 EMA and Ichimoku cloud, and MACD is showing bearish momentum while ADX is above 25, supporting our bearish bias.