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USD/JPY closed higher due to short covering on Monday as it consolidated some of last Friday's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral signalling that sideways to higher prices are possible near-term. Ifit renews last week's rally, November's high crossing is the next upside target. If it extends the decline off November's high, October's low crossing is the next downside target.

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