If the trend stays inside its bullish leg then it might find resistance @ 109.929, which is another resistance level on the left side of the head. If it breaks its current trend then it could start to deviate into a bearish leg. Look for volume, and proceed with tight stops. Also, look for the directional move, upon market opening, for sentiment.
Comment:
Current trend is a sidestepping bull run. I might have just made that up, but regardless, the bull is still on the loose. I think the @ 109.929 level will be even more pivotal now. Because of the harmony in the bullish leg in mid-late April, and the one now, I wouldn't be surprised if there was a similar formation before the bear drags this down. A strong "Skrilla" and strong Yen will continue to pull the pair back and fourth, until one asserts more dominance. Long term, I could see Skrilla/Yen bearing her way down to the high 90's, before Japanese intervention. *This is not financial advice. I am not a professional money manager. These are just my personal thoughts put out there, so I can refine myself as a trader, or help someone who might have missed something.* #blameitontheFOREX