USD/JPY closed higher on Wednesday and above the 20-day moving average crossing confirming that a short-term low has been posted. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, this month's high crossing is the next upside target. Closes below last Friday's low crossing are needed to renew the decline off this month's high.