On Weekly timeframe trend is bearish. In november we got a nice sell signals (Kumo Cloud breakout, Break of Flag). These are still in play. Price has come back up and tested the Flag breakout level at 1,1060 (red dotted line) which coincided with the 38,2 fib retracement of Aug-Nov swing, at 1,1,0980.
MACD indicator has put in a bullish cross, which adds pressure on lower timeframes. There is nothing that blures the november sell signals, but PA looks natural. And after the retest of the 1,1060 price should continue down (or test the channel itsel which hasn't happened yet).
Price rarely leaves the Pivot Point behind over a cycle, in this case the new Yearly Pivot Point stands at 1,1140, which is also close to the Weekly R1, the Weekly Kijun Sen and the 50% fib of recent swing, which in all makes the a very strong confluence resistance level, if price will reach this level.
Bears should start worrying only if price makes a weekly close inside the Kumo Cloud and above the Yearly Pivot Point (though Monthly closes is more valid for Yearly Pivots)
Since price has retraced nicely to the 38,2 fib after the triggering of the Flag Pattern, this is also an opportunity to add to shorts, if trading this pattern with Stops above 1,1715 OR if we see a daily close below 1,0780 level (see daily analysis), to place the stop above 1,1060 for a more moderate risk. Another way to play the downside is to wait for a bearis MACD cross.