Commodity Prices

Gold •10 mins	2,326.00	-12.40	-0.53%
Platinum •20 mins	910.40	-5.40	-0.59%
WTI Crude •10 mins	82.91	+0.10	+0.12%
Gasoline •17 mins	2.741	+0.007	+0.25%
Ethanol •7 hours	2.161	+0.000	+0.00%
Silver •10 mins	27.13	-0.22	-0.81%

Silver • 10 mins	27.13	-0.22	-0.81%
Copper • 10 mins	4.483	-0.004	-0.08%
Brent Crude • 10 mins	88.14	+0.12	+0.14%
Natural Gas • 11 mins	1.648	-0.005	-0.30%
Heating Oil • 20 mins	2.558	+0.008	+0.30%

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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.

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