The moving averages from 5 through 100 are all basically at the same level and the bullish/bearish trendlines are about to reach an apex. One of two things is going to happen; either we trade at 91.55 for the rest of our lives or this pair is set to make a big move one way or the other.
Risk aversion in the market, heavy exporter selling and the general bearish trend in the JPY crosses would suggest that the big move will be lower.
Short covering and market positioning would suggest that stop-loss buying will drive this pair higher.
I think we’ll find out in the next few days which way this pair is headed and for once a buy/sell break strategy looks like the way to go.