This pair has been in decline since Jan 2018 , and the bias has been to the downside with confirmed break and retest of the 200 MAV.
The 123 level was a short term consolidation and price is again quickly on the way down moving to the present 117 level.
The near term short target is the .618 fib retracement for the major impulsive waves of 2012-2014 , and is the next area of support.
This will prove a difficult area for the bears to overcome , but eyes are looking towards the next support level of 110 as the likely longer term target.
How can this happen
1. ECB easing - weaker EURO
2. Risk off sentiment and flight to safety ( outside of US dollar) - stronger YEN
The 123 level was a short term consolidation and price is again quickly on the way down moving to the present 117 level.
The near term short target is the .618 fib retracement for the major impulsive waves of 2012-2014 , and is the next area of support.
This will prove a difficult area for the bears to overcome , but eyes are looking towards the next support level of 110 as the likely longer term target.
How can this happen
1. ECB easing - weaker EURO
2. Risk off sentiment and flight to safety ( outside of US dollar) - stronger YEN