USD/JPY closed higher on Wednesday as it consolidates some of the decline off May's high. The high-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.

If it extends the aforementioned decline, weekly support crossing is the next downside target. Closes above last Wednesday's high crossing are needed to confirm that a short-term low has been posted.