Commodity Prices

Gold •294 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	982.30	+2.70	+0.28%
WTI Crude •10 mins	62.81	+0.54	+0.87%
Gasoline •10 mins	2.091	+0.007	+0.35%
Ethanol •294 days	2.161	+0.000	+0.00%
Silver •294 days	30.82	+1.16	+3.92%

Silver • 294 days	30.82	+1.16	+3.92%
Copper • 294 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	66.55	+0.43	+0.65%
Natural Gas • 10 mins	2.933	-0.089	-2.95%
Heating Oil • 10 mins	2.134	+0.007	+0.35%

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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