/  

USD/JPY closed lower on Wednesday as it consolidates around the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it renews the rally off December's low, December's high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the bullish outlook.