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USD/JPY closed lower due to short covering on Monday as it rebounded off support marked by January's high crossing. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, December's high crossing is the next upside target. Closes below the 10-day moving average crossing would confirm that a short-term high has been posted.