Commodity Prices

Gold •624 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,956.00	+12.30	+0.63%
WTI Crude •11 mins	96.51	+0.96	+1.00%
Gasoline •11 mins	3.213	+0.085	+2.73%
Ethanol •624 days	2.161	+0.000	+0.00%
Silver •624 days	30.82	+1.16	+3.92%

Silver • 624 days	30.82	+1.16	+3.92%
Copper • 624 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	109.16	+0.51	+0.47%
Natural Gas • 11 mins	3.084	-0.082	-2.59%
Heating Oil • 11 mins	4.461	+0.119	+2.75%

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USD/JPY: Sharp Bearish Reversal

By - Feb 26, 2013, 4:51 AM CST

USD/JPY started yesterday by breaking the resistance at 94.46 (11/02/2013 high) but then declined sharply to finish below the support at 92.23 (15/02/2013 low). Hourly supports are at 90.88 (25/02/2013 low) and 90.33 (29/01/2013 low). Hourly resistances can be found at 92.75 (intraday high) and 93.28 (61.8% retracement of the current decline).

Yesterday's intraday bearish reversal has stopped our long strategy.

USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective is the key resistance at 94.99 (04/05/2010 high) has almost been reached. Another key resistance can be found at 101.45 (06/04/2009 high).

Daily Technical Report