/

USD/JPY closed higher on Thursday as it consolidates some of this summer's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging but remain neutral to bearish signalling that sideways to lower prices are possible. If it extends the aforementioned decline, weekly support crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.