The dollar remains in red against yen and accelerated further down on Monday, extending losses of past two days after broader rally stalled at 114.54, where a double-top was left.
Today’s fresh weakness broke below initial support at 113.52 (higher base, reinforced by rising 10SMA) and cracked broken Fibo resistance at 113.30 (61.8% of 118.66/104.63), pressuring key support at 113.15 (weekly 200SMA).
Renewed safe-haven demand on ongoing US/China trade conflict and negative global growth outlook could further pressure dollar.
Weakening momentum studies on daily chart support scenario, which needs close below 200WMA to generate bearish signal for deeper correction of 110.38/114.54 ascend and confirm top at 114.54.
Bears could extend towards next strong supports at 112.95/83 (Fibo 38.2% of 110.38/114.54 / rising 20SMA).
Res: 113.56, 114.10, 114.54, 114.73
Sup: 113.24, 113.15, 112.95, 112.83
