A five wave rally from April 14 low is known as an impulse which means that market can see a top in the near futures based on Elliott Wave structure. Also, notice that current leg up from 111.05 is slow, which is very normal for fifth waves as those are much slower than third waves. That said, a Fib. resistance can cause a top in the near future, around the 112.50-113.00 area. A decisive fall beneath the channel support line would suggest that new corrective set-back is in play.

USDJPY, 1H

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