USD/JPY closed higher on Wednesday and above the 20-day moving average crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bulliish signalling that sideways to higher prices are possible near-term. If it extends today's rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term bullish outlook.
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