Commodity Prices

Gold •20 mins	2,347.20	+4.70	+0.20%
Platinum •20 mins	922.10	+1.60	+0.17%
WTI Crude •6 hours	83.85	+0.28	+0.34%
Gasoline •6 hours	2.765	+0.006	+0.23%
Ethanol •4 hours	2.161	+0.000	+0.00%
Silver •20 mins	27.54	-0.10	-0.35%

Silver • 20 mins	27.54	-0.10	-0.35%
Copper • 20 mins	4.574	+0.036	+0.78%
Brent Crude • 5 hours	89.50	+0.49	+0.55%
Natural Gas • 8 hours	1.614	-0.024	-1.47%
Heating Oil • 6 hours	2.548	-0.002	-0.09%

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USD/JPY: The Support at 87.60 Has Been Broken

By - Jan 08, 2013, 6:05 AM CST

USD/JPY's overextended rise has broken its hourly support at 87.60 (see also rising channel) after failing to make a new high. The hourly double-top calls for a decline towards 86.79. A support can be found at 86.53 (01/01/2013 low). An hourly resistance is at 87.96 (intraday high).

USD/JPY is likely in a long-term bottoming process. The break of the strong resistance at 85.53 (06/04/2011 high) opens the way for further long-term strength towards the key resistance at 94.99 (04/05/2010 high). However, the general overbought conditions call for caution in the short-term.

Daily Technical Report