Commodity Prices

Gold •14 mins	2,413.80	+15.80	+0.66%
Platinum •14 mins	943.80	-10.70	-1.12%
WTI Crude •5 hours	83.14	+0.41	+0.50%
Gasoline •5 hours	2.710	-0.003	-0.13%
Ethanol •4 hours	2.161	+0.000	+0.00%
Silver •14 mins	28.84	+0.46	+1.63%

Silver • 14 mins	28.84	+0.46	+1.63%
Copper • 14 mins	4.498	+0.061	+1.37%
Brent Crude • 4 hours	87.29	+0.18	+0.21%
Natural Gas • 5 hours	1.752	-0.005	-0.28%
Heating Oil • 5 hours	2.541	+0.007	+0.29%

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USD/JPY: Trying to Form a Base

By - Jun 18, 2013, 5:46 AM CDT

USD/JPY has thus far held above its recent low at 93.79. However, the succession of lower high is still in place. A break of the resistance at 95.81 is needed to improve the technical configuration. Another resistance can be found at 97.02 (see also the declining trendline). Supports are at 93.79 (13/06/2013 low) and 92.57.

The medium-term overextended nature of this market calls for some caution. Even though it has not been confirmed by EUR/JPY and GBP/JPY, the move below the support at 95.80 is a medium-term bearish sign. We would however not be aggressively bearish given the short-term oversold conditions and the proximity of key supports in EUR/JPY and GBP/JPY.

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