USD/JPY - daily technical Forecast

on May 20 2010 4:32 AM

USD/JPY closed lower on Wednesday and the mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible near-term. If it renews this month's decline, November's low crossing is the next downside target. Closes above last Thursday's high crossing are needed to confirm that a short-term bottom has been posted.

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