The cross accelerates lower (down 0.95% since opening in Asia) as worsening conditions with Covid-19 and signs that UK government considers second lockdown, slashed risk appetite on Monday and boosted demand for safe-haven yen.
Fresh fall emerged below the base of ascending and thickening daily cloud (123.03), hitting two-month low (122.58) and focusing next pivotal supports at 122.27/11 (Fibo 61.8% of 119.30/127.07/rising 100DMA). Break below daily cloud was strong bearish signal (which needs confirmation on daily close below cloud base) reinforced by daily Tenkan-sen/Kijun-sen (in bearish setup) turning south. Strong bearish momentum contributes to negative outlook, with clear break of 122.27/11 pivots to risk extension towards 200DMA (120.85).
Res: 123.03, 123.31, 123.93, 124.10
Sup: 122.58, 122.27, 122.11, 121.82
