$USDJPY closed lower on Tuesday as it extends the trading range of the past three weeks. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading.
Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing at .12253 are needed to confirm that a short-term top has been posted. If March renews this fall's decline, March's low crossing at .12000 are the next downside target.
First resistance is the 20-day moving average crossing at .12235.
Second resistance is the reaction high crossing at .12253.
First support is last Friday's low crossing at .12084.
Second support is March's low crossing at .12000.
Regards,
Regards,
FXM
