USD/JPY closed slightly higher on Wednesday as it extends this month's rally. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, May's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
Join the Discussion