USD/JPY closed higher due to profit taking on Friday as it consolidated some of last week's decline but remains below May's high crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, last November's low crossing is the next downside target. Multiple closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
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