Commodity Prices

Gold •532 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,956.30	+18.20	+0.94%
WTI Crude •11 mins	56.57	+0.63	+1.13%
Gasoline •11 mins	1.708	+0.014	+0.81%
Ethanol •532 days	2.161	+0.000	+0.00%
Silver •532 days	30.82	+1.16	+3.92%

Silver • 532 days	30.82	+1.16	+3.92%
Copper • 532 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	60.16	+0.48	+0.80%
Natural Gas • 11 mins	4.062	+0.038	+0.94%
Heating Oil • 11 mins	2.140	-0.010	-0.45%

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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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