USD/JPY closed higher on Wednesday as it extends last week's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a short-term bottom has been posted. Closes below the 10-day moving average crossing would signal that a short-term high has been posted.
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