USD/JPY closed sharply higher on Wednesday and above the January-February downtrend line and February's high crossing confirming that a trend change has taken place. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends today's rally, January's high crossing is the next upside target. Closes below the 20-day moving average crossing would signal that a long-term high has been posted.
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