Prices gapped higher in the wake of Japan’s general election and promptly corrected lower, breaking through the 61.8% Fibonacci expansion at 110.68 to target the 50% level at 109.77. A further push below that exposes the 38.2% Fib at 108.89. The 110.68 level has been recast as near-term resistance, with a reversal above that aiming for the March 21 swing highat 111.42.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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