USD/JPY - daily technical Forecast

By IBTimes Staff Reporter | May 21 2010 4:44 AM

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USD/JPY closed lower on Thursday as it extended the decline off last week's high. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, this month'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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