Pair rebound from intraday low around 89.80 is currently reaching yesterday’s high and strong resistance area around 90.85. Further acceleration above that level, should send the pair quickly to test the daily descendant trend line coming from 93.76 past January high, today around 91.15. 4 hours indicators favor the rally, as momentum is crossing its’ 100 line, while current candle opened above 20 SMA. Above mentioned 91.15/20 area, pair could extend the rally to next key level, around 91.50.
To the downside, first support comes around 90.45; if broken pair could again approach to the 90.00 lows, thus ahead of BOJ meeting later in Asian session, seems unlikely to see the pair breaking under that zone.
