Commodity Prices

Gold •271 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,004.10	-23.40	-2.28%
WTI Crude •10 mins	71.23	-0.25	-0.35%
Gasoline •10 mins	2.297	+0.006	+0.27%
Ethanol •272 days	2.161	+0.000	+0.00%
Silver •271 days	30.82	+1.16	+3.92%

Silver • 271 days	30.82	+1.16	+3.92%
Copper • 271 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	74.57	-0.20	-0.27%
Natural Gas • 10 mins	3.976	-0.143	-3.47%
Heating Oil • 10 mins	2.286	+0.007	+0.31%

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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