Primary fundamental driver: "The pair remained under some intense selling pressure for the third consecutive session on Monday and added to the last week's heavy losses, retreating nearly 350-pips from levels beyond the 109.00 handle - touched in the aftermath of a hawkish rate cut by the Fed. The US President Donald Trump's abrupt announcement on Thursday to impose 10% tariffs on the remaining $300 billion worth of Chinese goods triggered a fresh wave of risk-aversion trade and provided a strong boost to the Japanese Yen's perceived safe-haven status"
downside momentum amidst trade tensions with China + fundamentals
Alternatively: On the short term anyway oversold conditions may be the only thing stopping a further decline, but again this may be seen as insignificant when looking at the bigger picture! Either way time will tell!
PMI data out at 3pm should shake things up a little...