Trend is bearish in USD/JPY currency pair 15 minutes time frame. Short term vital resistance is present at 121.29 price level. Based on Elliott wave count, market has printed bullish wave 4 pull back. Now, I expect price to resume the down trend towards 120.55 price level in next coming trading hours. However; a bullish break out in price action above 121.29 resistance level will in-validate the bearish outlook and in such case I will stay out of the market and re-analyze the price action in USD/JPY currency pair.