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USD/JPY closed higher on Wednesday as it extends the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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, the January-February downtrend line crossing is the next upside target. Closes below the 10-day moving average crossing would signal that a long-term high has been posted.