USDJPY extended higher in the last 24 hours after recent pull-back to 92.00 which was wave iv) of a five wave rally in larger degree of a blue wave (v). Now we can count five waves up, so we need to be ready for possible bearish reversal, as we know that after every five waves correction follows. Current wave v) is already testing upper side of an impulse channel, so top could be near. But on the other-hand if we respect the trend, then extensions in fifth wave up to 94.50 (2.00 x wave iv)) would also not be a surprise. Divergence on the RSI is also early evidence of a coming top formation.
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