Commodity Prices

Gold •690 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,967.60	+27.90	+1.44%
WTI Crude •11 mins	90.89	-5.71	-5.91%
Gasoline •17 mins	3.283	-0.171	-4.94%
Ethanol •690 days	2.161	+0.000	+0.00%
Silver •690 days	30.82	+1.16	+3.92%

Silver • 690 days	30.82	+1.16	+3.92%
Copper • 690 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	97.64	-5.90	-5.70%
Natural Gas • 13 mins	2.869	-0.038	-1.31%
Heating Oil • 21 mins	3.733	-0.155	-3.98%

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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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