USD/JPY closed slightly lower on Wednesday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the aforementioned rally, last November's high crossing is the next upside target. Multiple closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
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