Daily analysis of GBP/JPY for July 20, 2017

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Overview

The GBP/JPY pair touched the 145.00 barrier yesterday and is rebounding now to show some bullish bias now, while the negative pressure is still valid as long as the price is stable below 147.65. This move is supported by the negative signal provided by stochastic, waiting to visit 144.00 followed by 142.65 levels that represent our main targets. Note that breaching 147.65 will turn the short-term trend to rise and head towards 150.96 as the first main target. The expected trading range for today is between 147.00 and 144.00

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Daily analysis of USD/JPY for July 20, 2017

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Overview

The USD/JPY pair touched 111.65 level again and found solid support there. The pair is expected to break this level to confirm a further correctional bearish wave on the short-term basis to head towards 110.98 level that represents the next correctional level. The EMA50 keeps pushing negatively on the price, to support the continuation of our bearish overview in the upcoming period. Please bear in mind that breaching 112.32 will stop the expected decline and lead the price to regain the main bullish trend again. The expected trading range for today is between 111.00 support and 112.30 resistance.

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Technical analysis of USD/JPY for July 20, 2017

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Our downside target which we predicted in our previous targets has been hit. Although the pair posted a rebound from 111.50 (the low of July 19), it is still trading below the declining 50-period moving average, which plays a resistance role. The relative strength index is mixed with a bearish bias. The upward potential is likely to be limited by the resistance at 112.40.

Hence, as long as this key level is not surpassed, look for a further decline to 111.20 and even to 110.95 in extension.

Alternatively, if the price moves in the opposite direction than predicted, a long position is recommended above 112.40 with a target at 112.85.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position while the price below the pivot point is a sign for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 112.55, Take Profit: 111.50

Resistance levels: 112.85, 113.15, and 113.50 Support Levels: 111.20, 110.95, 110.50

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Daily analysis of Gold for July 20, 2017

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Overview

Gold price has settled around 1,240.00 level, and the price might be forced to show more sideways fluctuation until stochastic manages to get rid of its negativity and gain enough positive momentum to continue the bullish trend. The bullish scenario is still valid and active as long as the price is holding above 1,229.32. The EMA50 is still providing the positive support to the price to reinforce the chances of the bullish scenario. Let me remind you that our next target is located at 1,254.56. If breached, it represents the key to rally towards the previously recorded top at 1,295.37 on the near-term basis. The expected trading range for today is between 1,229.32 support and 1,254.56 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for July 20, 2017

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Overview

Silver price made some bullish efforts yesterday, heading towards our first main target at 16.56. Please note that stochastic negativity that is clearly seen now might cause temporary sideways fluctuation before a further rise. In general, we will keep our bullish scenario conditioned by holding above 15.49 level. Please be aware that breaching 16.56 will lead the price to extend its gains and head towards 17.43 on the near-term basis. The expected trading range for today is between 16.00 support and 16.56 resistance.

The material has been provided by InstaForex Company - www.instaforex.com