Daily analysis of EUR/JPY for December 09, 2016

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Overview

The EURJPY pair's bullish trading extended yesterday. The 123.30 level is forming a solid obstacle to bullish attempts. The price is likely to form correctional bearish bias as shown on the chart, which makes us expect more correctional negative attempts that depend on stability of the resistance line, with next targets at 120.00 followed by testing the 118.60 key support. Stochastic's exit from the overbought areas will provide the negative pressure in the near term making the price suffer more losses until reaching our targets. The expected trading range for today is between 123.30 and 120.00.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for December 09, 2016

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Overview

The GBPJPY pair did not record any new positive level affected by the contradiction of the major indicators, thus holding above the initial support at 143.00. In general, given fluctuations above the main support at 140.00, we expect the pair to gain strong positive momentum followed by moving towards 146.60 then 148.25. We remind you that that an attempt to decline below the initial support will postpone the bullish overview and start forming correctional bearish bias until testing 140.00. The expected trading range for today is between 143.00 and 146.60.

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

Daily analysis of Gold for December 09, 2016

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Overview

The gold price is testing the 1,172.68 level, which represents the first resistance barrier that keeps the bearish trend scenario valid for today, while the EMA50 keeps its negative pressure on the intraday trading. Therefore, we still expect the bearish bias in the upcoming sessions. Our main awaited target is located at 1,124.88, while achieving it conditions holding below 1,172.68 and 1,186.00 levels. The expected trading range for today is between the 1,140.00 support and the 1,186.00 resistance. The material has been provided by InstaForex Company - www.instaforex.com