USD/JPY closed higher due to profit taking on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. If it renews last week's rally, the reaction high crossing is the next upside target.
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