USD/JPY closed slightly lower due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If its extends this month's decline, October's low crossing is the next downside target. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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