We expect a major top to form soon (may already be in place above 110) due to the larger break from a 12 year triangle earlier this year.
If 110.65 fails to remain intact, then the next potential level for a reversal is 113.28-114.65. Also, 3 month volatility is at its lowest since the last late December. Low volatility historically indicates a high probability that a sharp drop is around the corner for the USDJPY.
