Price has hit the upper border of the Ichimoku cloud, with the projected cloud (the future) still bearish. Because the Weekly timeframe has produced a clear Ichimoku buy signal last week (Cloud breakout) we expect price to continue upward. The first weekly target stands at the 61,8 fib of the CD leg at 118.85 right at the dec-16 top, with an ultimate target (D-level) at 125.50. But on the Daily timeframe here, we see price hitting the top of the cloud and it will either respect this level and retrace (perhaps to the lower part of the cloud, or it will attempt to breakout directly, and then it is likely we will see it gravitate back to the top of the cloud for a retest (and ideally a twist in the projected cloud) Note that Monthly R1 is in alignment with the upper cloud at 112.83. A way to play the weekly breakout is to wait for a retracement on the daily chart and get in at the nearest support.
Downside risk is pretty clear from here which is a good thing in technical trading. If price will close below the Daily Kumo Cloud it will produce a sell signal and we might then see a move down for a test of the yet untraded Monthly Pivot point at 110.48. Resistance above the cloud: Monthly R2 at 114.13 / Previous top around 115.00.