USD/JPY closed higher due to profit taking on Thursday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bullish hinting that a short-term low might be in or is near. Multiple closes above the 20-day moving average crossing at would confirm that a short-term low has been posted. If it extends the aforementioned decline, last November's low crossing is the next downside target.
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