USD/JPY closed higher on Monday and above the 10-day moving average crossing signalling that a long-term bottom might be in place. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold and are turning bullish signalling that a long-term bottom might be in or is near. Closes above the 20-day moving average crossing would confirm that a long-term bottom has been posted. If it extends the decline off January's high, the reaction low crossing is the next downside target.
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