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USD/JPY closed slightly higher due to profit taking on Monday as it consolidates some of the decline off February's high. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off February's high, February's low crossing is the next downside target. Closes above the 10-day moving average crossing would confirm that a short-term bottom has been posted.