Euro continues to remain under pressure amid renewed Greece default concerns and downbeat German figures released yesterday.
Moreover, speculations surrounding the ECB’s move towards removal of the ultra-lose add to pressure.
Markets looking past solid Japanese industrial production numbers, improving risk sentiment after China factories saw steady growth supporting yen sellers.
Technical indicators are biased lower, scope for test of 100-DMA at 120.95.
Violation at 100-DMA could see further weakness, next bear target could be 119.47 (38.2% Fib of 109.20 to 125.81 rally).
Good to go short on rallies around 124/124.10, SL: 124.65, TP: 123.20/ 123/ 122.55