USD/JPY closed lower due to long covering on Tuesday as it consolidated some of the rally off last week's low. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off last week's low, February's high crossing is the next upside target. Closes below last Thursday's low crossing are needed to renew the decline off January's high.
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