USD/JPY closed higher on Monday as it extended some of last week's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, this month's low crossing is the next downside target. Closes above the 10-day moving average crossing would confirm that a short-term bottom has been posted.
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