Commodity Prices

Gold •367 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,407.10	+25.00	+1.81%
WTI Crude •1 day	66.50	-0.50	-0.75%
Gasoline •1 day	2.117	-0.002	-0.07%
Ethanol •367 days	2.161	+0.000	+0.00%
Silver •367 days	30.82	+1.16	+3.92%

Silver • 367 days	30.82	+1.16	+3.92%
Copper • 367 days	4.530	+0.111	+2.51%
Brent Crude • 1 day	68.30	-0.50	-0.73%
Natural Gas • 1 day	3.387	-0.022	-0.65%
Heating Oil • 1 day	2.409	+0.039	+1.65%

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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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