USD/JPY closed slightly higher on Tuesday as it consolidates above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bearish signalling that a short-term high might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a long-term high has been posted. If it renews last month's rally, last August's high crossing is the next upside target.
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