JPY: Japanese Yen Tilts Higher Amid Further FX Jawboning

• MNI: EUROZONE NOV HICP 2.1% Y/Y (2.2% FLASH, 2.1% OCT)
• EUROZONE NOV CORE HICP 2.4% Y/Y (2.4% FLASH, 2.4% OCT)
• EUROZONE NOV SERVICES HICP 3.5% Y/Y (3.5% FLASH, 3.4% OCT)

A bearish theme in WTI futures remains intact. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. A key support and the bear trigger at $55.99, the Oct 20 low has been breached. Clearance of this level resumes the downtrend and opens $53.53. Key short-term resistance to watch is $61.84, the Oct 24 high. First resistance is at $59.27, the 50- day EMA. A bullish theme in Gold remains intact. The bear phase between Oct 20 - 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch is the 50-day EMA, at $4087.6. Clearance of this EMA would signal scope for a deeper retracement. Attention is on key resistance and the bull trigger at $4381.5, the Oct 20 high.

• WTI Crude up $1.29 or +2.33% at $56.53
• Natural Gas up $0.09 or +2.24% at $3.978
• Gold spot up $15.25 or +0.35% at $4318.89
• Copper up $4.6 or +0.86% at $540.4
• Silver up $1.99 or +3.12% at $65.7637
• Platinum up $82.02 or +4.44% at $1928.66

A bull cycle in Eurostoxx 50 futures remains intact. Price is trading above the 20- and 50-day EMAs, and has recently cleared 5742.40, 76.4% of the Nov 13 - 21 bear leg. The breach of this latter price point paves the way for an extension towards 5825.00, the Nov 13 high and the bull trigger. First key support to watch lies at 5649.07, the 50-day EMA. A clear break of the EMA would highlight a potential short-term reversal. A bull cycle in S&P E-Minis remains intact and the latest pullback - for now - is considered corrective. Initial support to watch is 6831.93, the 50-day EMA. It has been pierced, a clear break of this average would signal scope for a deeper retracement. Note that the key support and reversal trigger lies at 6583.00, the Nov 21 low. For bulls, a resumption of gains would refocus attention on the key resistance and bull trigger at 7014.00, the Oct 30 high.

• Japan's NIKKEI closed higher by 128.99 pts or +0.26% at 49512.28 and the TOPIX ended 1.11 pts lower or -0.03% at 3369.39.
• Elsewhere, in China the SHANGHAI closed higher by 45.466 pts or +1.19% at 3870.278 and the HANG SENG ended 233.37 pts higher or +0.92% at 25468.78.
• Across Europe, Germany's DAX trades higher by 27.94 pts or +0.12% at 24104.79, FTSE 100 higher by 145.44 pts or +1.5% at 9830.33, CAC 40 down 5.12 pts or -0.06% at 8101.04 and Euro Stoxx 50 up 10.56 pts or +0.18% at 5728.39.
• Dow Jones mini up 70 pts or +0.15% at 48201, S&P 500 mini up 18 pts or +0.26% at 6819.25, NASDAQ mini up 77.5 pts or +0.31% at 25216.5.