Commodity Prices

Gold •728 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,623.00	+23.10	+1.44%
WTI Crude •11 mins	68.00	-0.58	-0.85%
Gasoline •11 mins	2.915	-0.030	-1.03%
Ethanol •728 days	2.161	+0.000	+0.00%
Silver •728 days	30.82	+1.16	+3.92%

Silver • 728 days	30.82	+1.16	+3.92%
Copper • 728 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	70.92	-0.65	-0.91%
Natural Gas • 11 mins	3.177	-0.043	-1.34%
Heating Oil • 11 mins	3.246	+0.028	+0.86%

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USD/JPY: Bearish Engulfing Pattern is Short-Term Negative

By - Mar 22, 2013, 5:23 AM CDT

USD/JPY completed a bearish engulfing pattern yesterday, favouring a short-term bearish bias. The hourly support at 94.72 (19/03/2013 low) has been broken. A test of the support at 93.57 (see also the rising trendline) is likely. Another support is at 92.92 (05/03/2013 low). Hourly resistances can be found at 95.13 (intraday high) and 96.13 (20/03/2013 high).

The recent decline 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, given by the key resistance at 94.99 (04/05/2010 high), has been reached. A move towards the next key resistance at 101.45 (06/04/2009 high) is expected.

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