The exact 138.2% level is 1.2770 which also intersects with the 4/15/2005 low of 1.2767.  This is compelling technical evidence that a short term top may be forming.  A continuation of strength past 1.2770 targets the confluence of the 2/18/2004 high / 161.8% extension at 1.2927/31.  If this is indeed a short-term top, then look for contra moves towards the 5/4 low at 1.2570 as well as the 23.6% fibo of 1.1825-1.2764 at 1.2543