USDJPY - Daily technical outlook

By IBTimes Staff Reporter | January 21 2010 3:22 AM

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USD/JPY closed higher on Wednesday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the reaction high crossing would temper the near-term friendly outlook.

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