USD/JPY closed higher on Tuesday as it consolidates some of the decline off April's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off May's high, last November's low crossing is the next downside target. Multiple closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
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