USD/JPY - daily technical Forecast

 @ibtimes on June 02 2010 12:34 AM

USD/JPY closed higher due to profit taking on Tuesday as it consolidated some of the late-May rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, this month's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

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