USD/JPY: Possible trend reversal

The Dollar versus the Yen has been rising steadily, but once it got to the 114.87 zone, it lost its bullish momentum. The pair has already visited the 114.87 level twice, as shown on the daily chart. If the prices bounces from the current levels to the downside, then a double top pattern may develop. The double top pattern is a bearish reversal pattern; therefore, the USD/JPY may change direction to the downside. The MACD indicator is also showing us a possible trend reversal, but it is too early, though to call a trend change. To the downside, the 111.28 level may act as a support along with the 200 day EMA, which is much lower around the 107.00 zone.

EUR/JPY: Bullish trend is still in place

The Euro versus the Yen has had a very good rally as shown on the daily chart. Once it got to the 122.00 zone, it retraces to the downside. The 119.00 zone has been a very good support, where the pair has already bounced to the upside a couple of times. A breakout above the 120.00 level could take the pair to the highs around the 122.00 level. At the 118.00 level we can see the 200 day EMA, blue line, which could contribute to making that zone a good support area. The 117.00 level could also act as a support.

Oil: Possible pullback

On the daily chart of WTI oil we can see that the black gold is stalling its rally momentarily around the 51.60 level. The bullish trend is still in place and oil may try to continue going higher, but since it is over-extended to the upside, the commodity may be due for a retracement or pullback to the downside. The 50.00 level may act as a support, but below that level, the 48.00 and the 46.00 may also act as support. Around the 46.00 level we can see the 200 day EMA, which could contribute to making that level a good support. To the upside, if the rally continues and oil breaks above the 51.60 level, then its next resistance could be the 53.50 level.

Corn stays consolidated

The March contract of corn has been consolidating between the 334.74 level and the 361.38 level. The 200 day exponential moving average has been acting as a resistance, even though in one occasion the price of corn broke above that level. There could be trading opportunities inside the range, but it is risky due to the fact that the price may break in any direction. The stochastics are coming close to the over-sold zone; therefore, the price may try to go and visit the 334.74. To the downside, the 320.00 level may act as its next support. To the upside, the 361.38 level may act as its next resistance if the price visits that level again.

GBP/JPY: Breaks 200 day EMA

The Pound versus the Yen has kept a very good bullish trend during the last few weeks as shown on the daily chart and breaks above the 200 day exponential moving average or 200 day EMA, which is currently around the 141.23 level. After breaking above the 200 day EMA, the pair makes a high around the 145.22 level where it stalls and tries to pull back. In case of a pullback, the pair may touch the 200 day EMA again and complete a breakout and pullback pattern. But if it breaks below the 200 day EMA, then the 137.00 level could act as support. Below the 137.00 level, its next support could be the 131.00 level. The stochastics are consolidating at the over-bought zone, because while the price may continue rallying, the indicator is not able to break above the 100% level, therefore it just goes sideways.

Death cross on gold

A few days ago we identified on the daily chart of gold that there could be a death cross in the coming days. A death cross is when the 55 day exponential moving average crosses below the 200 day exponential moving average with bearish implications in the longer term. Today we can see that the death cross has been confirmed, even though the price of gold has retraced to the upside. From the 1200.00 level, gold may bounce back down and continue with its bearish trend. If gold breaks below the 1170.90 level, then it may try to go and visit the 1100.00 level. On the other hand, gold may try to pull back a little bit higher and it if does, then it may try to visit the 1241.45 zone, which could act as resistance.

Good pullback on oil

WTI oil has made a good pullback to the 46.00 level as shown on the daily chart. Just below the 46.00 level we can see the 200 day exponential moving average, blue line, which may contribute along with the 46.00 level to prevent the price of oil to drop below it. Therefore, we could see a bounce to the upside. If the price bounces to the upside, then it may find resistance again at the 48.00 zone as it did recently. If the price continues rallying above the 48.00 level, then its next resistances could be the 50.00 level or the high at the 51.60. On the other hand, the price may also break below the 46.00 level and maybe try to visit the 44.00 or the 42.00 levels.