Commodity Prices

Gold •757 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,660.20	+57.90	+3.61%
WTI Crude •25 mins	83.59	-0.87	-1.03%
Gasoline •28 mins	3.285	-0.113	-3.33%
Ethanol •757 days	2.161	+0.000	+0.00%
Silver •757 days	30.82	+1.16	+3.92%

Silver • 757 days	30.82	+1.16	+3.92%
Copper • 757 days	4.530	+0.111	+2.51%
Brent Crude • 28 mins	89.42	-1.32	-1.45%
Natural Gas • 25 mins	2.758	+0.036	+1.32%
Heating Oil • 28 mins	4.209	-0.161	-3.68%

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USD/JPY: Extreme Positioning Warns of a Pullback

By - Dec 31, 2013, 5:59 AM CST

USD/JPY has managed to print a sequence of nine rising weekly candles, with a tenth one still possible. We remain wary of further near-term gains, despite a longer-term upside bias. This view is driven by the extreme short Yen positioning now in place. As mentioned in yesterday's report we have longer term targets in the 109.00 - 110.00 region, but anticipate a pullback ahead of any such long-term move higher.

The move above the key resistance at 103.74 also favours a continuation of the longer term bullish trend. Another resistance can be found at 105.50 (61.8% retracement of the decline that started in June 2007). A key support now lies at 99.57 (19/11/2013 low, see also the 200 day moving average).

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