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USD/JPY closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Prices closed near the session low today on profit taking. Bulls still have the overall near-term technical advantage. Prices are still in a four-month-old uptrend on the daily bar chart. If it extends the decline off October's high, October's low crossing is the next downside target. Closes above the 20-day moving average crossing would temper the near-term friendly outlook in the market.