USD/JPY closed higher on Tuesday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are diverging but have turned bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off January's high, the 62% retracement level of the November-January rally crossing is the next downside target. Closes above last Wednesday's high crossing would confirm that a long-term bottom has been posted.
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