USD/JPY Price Analysis: This could be the bulls’s last dance in the 105, eyes on 103.50s

• USD/JPY is stalling at market structure and bears and looking for opportunity to the downside.
• Bulls might have some upside to go yet, but the air will be getting thinner in those heights. 

USD/JPY is drawing in attention considering the level it has reached in recent trade since the break of the 105 figure.

As per yesterday’s analysis, USD/JPY has run to the 105.40/50s target:

Current market

The question is, where now?

Accoding to the market structure, there is resistance at this juncture which could give rise to a test of support in the lower end of the 105 area:

On the other hand, this could be the last dance for the bulls for some time.

Failures here will open prospect of a continuation of the deteroration of the pair towards a 103.50 target:

DXY has run too far too soon, maybe?

However, while this may fit the US elections headge narrative, from a technical standpoint, there are upside arguments for the dollar long term:

For the meantime, however., here is room for a correction to that 61.8% fib retracement which would give rise to a some downsidein USD/JPY.

A 5-wave analysis offers some give atthis juncture to a test of 93.59 before 95.50 can be achieve din the DXY.