Commodity Prices

Gold •704 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,755.90	-42.00	-2.34%
WTI Crude •11 mins	94.69	+4.15	+4.58%
Gasoline •11 mins	3.145	+0.099	+3.26%
Ethanol •704 days	2.161	+0.000	+0.00%
Silver •704 days	30.82	+1.16	+3.92%

Silver • 704 days	30.82	+1.16	+3.92%
Copper • 704 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	97.60	+4.51	+4.84%
Natural Gas • 11 mins	3.177	-0.052	-1.61%
Heating Oil • 11 mins	3.741	+0.154	+4.29%

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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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