USD/JPY closed lower on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this decline, the 62% retracement level of the November-January rally crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term bottom has been posted.
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