USD/JPY closed higher on Friday as it consolidates some of this month's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold and are turning bullish signalling that a short-term bottom might be in or is near. Closes above last Wednesday's high crossing would confirm that a short-term bottom has been posted. If it extends this month's decline, the reaction low crossing is the next downside target.
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