Commodity Prices

Gold •418 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,338.00	-0.80	-0.06%
WTI Crude •10 mins	64.30	-0.50	-0.77%
Gasoline •12 mins	2.134	-0.015	-0.68%
Ethanol •418 days	2.161	+0.000	+0.00%
Silver •418 days	30.82	+1.16	+3.92%

Silver • 418 days	30.82	+1.16	+3.92%
Copper • 418 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	68.36	-0.44	-0.64%
Natural Gas • 10 mins	2.670	-0.026	-0.96%
Heating Oil • 10 mins	2.323	-0.024	-1.04%

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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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