Neglecting the Corona Virus fear spikes, we can notice that the minor bullish channel that the pair was trading at before the spikes was clearly broken with a decent price action as the channel was broke then prices retreated to a strong support 106.700 after that made a retest to the lower edge of the bearish channel. Now prices are more likely to return to trade below the main bearish trend line. We will wait for a clear closer below the main bearish trend line on the 4-H chart to enter short positions.