The upward momentum is starting to slow and I believe it will soon begin a corrective movement similar to that of the USDCAD pair. Having also demonstrated an extended wave 5, we should see a three wave corrective movement finding support around wave 2 of the lower wave count*(~106.575). It may be noted that this also falls between the 0.382 and 0.500 fibonacci retracement values on the larger wave cycle. Again, I believe the corrective wave should conclude at that point where we will see a continued demand to hold dollars while the global economic crisis unfolds.
References
*Elliott Wave Principle pg. 66
References
*Elliott Wave Principle pg. 66