Fundamental analysis of EUR/JPY for November 22, 2017

EUR/JPY is currently residing at the lower end of the corrective range between 131.70 to 134.40 area which is currently showing some bearish momentum to break below the range support. Due to recent German issues EUR has been struggling to gain momentum against JPY, leading to bearish pressure in the pair which is expected to continue further. Today EUR Consumer Confidence report was published with better than expected figure of 0.0% which was expected to be unchanged at -0.1% whereas recently JPY was quite negative with the recent economic report of All Industrial Activity at -0.5% which previously was at 0.2%. Despite the worse economic reports from Japan, the currency gained momentum over EUR which explains the weakness of EUR in comparison and the strength of JPY in the market. This week there are some impactful news on EUR and JPY sides including the Flash Manufacturing and Services PMI reports which are expected to inject fair amount of volatility in the pair and indicate upcoming price action in the pair. To sum up, JPY has higher probability to gain over EUR with the existing market sentiment in favor whereas any upcoming JPY positive economic reports will accelerate the momentum in the coming days.

Now let us look at the technical view. The price is currently residing at the edge of 131.70 support level which is expected to break below in the coming days with target towards 130.00 support area in the coming days. The recent bearish momentum was quite impulsive in the pair, whereas new lower highs and price residing below the dynamic level of 20 EMA indicate the upcoming bearish momentum in the pair. As the price remains below 134.00 level, the bearish bias is expected to continue further.

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Daily analysis of GBP/JPY for November 22, 2017

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Overview

The GBP/JPY pair returned to a slow upward bias by closing again around 148.80. Let me remind you that consolidating above 147.35 support is forming the main factor to confirm the bullish bias domination. We are waiting to a rally towards 150.00 in the near term. Breaching this level will allow the price to record more targets by moving towards 151.50, followed by 152.85 levels. The expected trading range for today is between 148.20 and 150.00

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Daily analysis of USD/JPY for November 22, 2017

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Overview

The USD/JPY pair is trading with a quiet bearish bias to approach the key support 111.90 gradually. We are waiting until the pair breaks this level to confirm a further bearish wave towards our next target at 111.00. In general, we will continue to suggest the bearish trend in the upcoming period supported by the EMA50 that reinforces further trading inside the bearish channel that appears on the chart. Please note that breaching 113.00 – 113.15 levels will lead the price to return to the main bullish trend again and stop the current bearish correction. The expected trading range for today is between 111.50 support and 113.00 resistance.

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Daily analysis of Gold for November 22, 2017

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Overview

Gold price is still fluctuating around 1,281.17, settling inside the minor bullish channel. This keeps the chances valid to continue the bullish trend on the intraday- and short-term basis. We are waiting to confirm breaching the mentioned level to push the price towards 1,299.20 initially. Stochastic shows weakness of the bullish momentum that might cause more sideways fluctuation amid the bullish bias. On the whole, we still suggest the bullish trend in the upcoming sessions conditioned by holding above 1,273.00. Let me remind you that breaching 1,299.20 will extend Gold gains to reach 1,321.50 directly. The expected trading range for today is between 1,272.00 support and 1,295.00 resistance.

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Fundamental analysis of USD/CAD for November 22, 2017

USD/CAD has been quite bearish recently after being quite corrective with the bullish gains which leads the price to surge up towards the resistance area of 1.2770-1.2860. CAD has been struggling with the gains against USD due to recent worse economic reports and upcoming USD rate hike possibility which shifted the market sentiment towards the USD side. Today, USD Core Durable Goods Orders report was published as expected at 0.4% from the previous value of 1.1%. The Unemployment Claims report was published with a decrease to 239k from the previous figure of 252k which was forecasted to be at 241k and Durable Goods Orders report was published with deficit at -1.2% from the previous value of 2.0% which was expected to be at 0.4%. Additionally, the revised UoM Consumer Sentiment is yet to be published which is expected to increase to 98.2 from the previous figure of 97.8. The revised UoM Inflation Expectation is expected to have greater value from the previous value of 2.6%. The Crude Oil Inventories report is expected to be negative at -1.4M which previously was at 1.9M. The Natural Gas Storage is expected to have greater deficit at -51B from the previous figure of -18B. Beside, the minutes of the FOMC Meeting is also going to be published today which is expected to be a positive factor for USD. Meanwhile in Canada, there are no economic reports or events today but tomorrow the Core Retail Sales report is going to be published which is expected to show an increase to 0.9% from the previous negative value of -0.7% and the Retail Sales report is also expected to show an increase to 0.9% from the previous negative value of -0.3%. As of the current scenario, USD had been quite neutral with the published report today and upcoming economic events and reports are expected to have mixed impact on the currency whereas FOMC may play a vital part which may help to regain the bullish bias of the pair. Alongside, CAD has been forecasted to have significant growth in the upcoming economic reports which is expected to strengthen the economy as well as help in the upcoming gains against USD. To sum up, the market sentiment is currently leaned towards USD as a rate hike in December is highly probable, but CAD also have good potential to gain momentum against USD in the coming days. Currently it is a matter of time which will disclose the upcoming directional movement for the pair.

Now let us look at the technical view. The price is currently residing below the resistance area of 1.2770-1.2860 which is currently expected to show some bearish pressure towards 1.2450 support area in the coming days. The price has been quite volatile and corrective with the recent bullish gains which indicates an imminent strong counter move in this pair which is expected to lead to further gains on the bearish side. As the price remains below 1.2770-1.2860 resistance area, the bearish bias is expected to continue further.

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