Personnaly I believe the market will reverse downward soon. Current rally was driven mostly by short covering with Brazil weather and probably more concern regarding back to back hurricanes over Central America. I understand the situtation is very critical for thousands of people in the region but that coffee crops would have been mostly unaffected, still pretty early to tell.
Unlike previous rally to 135, front spreads have not tightened on the way up, which is quite telling and should once again give an incentive for funds to build back a short position once the dust settles.
Origin will continue to sell (central america, what's left of Brazil 20/21 crop unsold) as prices are very good for most of these producers (if you include positive differentials for Honduras & Colombia for instance). So would need a lot of buying for market to continue up. Roasters have a decent paper cover and don't need to chase the market higher for now.
So i'd think when funds get the signal they'll start selling again.
Only thing that makes me cautious is that even if Brazil received very good rains last 10 days, forecasts are quite dry for the next 2 weeks...