Commodity Prices

Gold •688 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,939.70	-25.10	-1.28%
WTI Crude •7 hours	96.60	+0.25	+0.26%
Gasoline •7 hours	3.454	+0.074	+2.20%
Ethanol •688 days	2.161	+0.000	+0.00%
Silver •688 days	30.82	+1.16	+3.92%

Silver • 688 days	30.82	+1.16	+3.92%
Copper • 688 days	4.530	+0.111	+2.51%
Brent Crude • 6 hours	103.54	+0.96	+0.94%
Natural Gas • 7 hours	2.907	-0.111	-3.68%
Heating Oil • 7 hours	3.888	+0.056	+1.47%

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GBP/JPY - Base Formation Likely Underway

By - Feb 05, 2015, 1:03 PM CST

GBP/JPY is likely forming a base near the key support at 175.85. A break of the resistance at 179.43 (27/01/2015 high, see also the declining trendline) would confirm such scenario. A key resistance area stands between 180.28 and 180.94. An hourly support can now found at 177.39 (intraday low).

In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. A support is given by the 200-day moving average (around 176.30), while a strong support area lies between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low). A strong resistances stands at 190.00 (psychological threshold).

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