Prices gapped higher in the wake of Japan’s general election and are now correcting lower, testing through the 138.2% Fibonacci expansion at 83.97 to target the 123.6%level at 83.45. A break below that exposes the 100% Fib at 82.61. Near-term resistance is at 84.39, the 150% expansion.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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