Daily analysis of USD/JPY for December 31, 2015

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Overview

The focus remains on 61.8% retracement of 118.05 to 123.74 at 120.22. A decisive break there will indicate that rebound from 116.13 has completed already and deeper fall would be seen back towards 116.13 low. Meanwhile, minor resistance will turn back to the upside above 121.49 for 123.74 resistance. Overall, more choppy sideway trading could be seen as consolidation pattern from 125.85 extends. The consolidation pattern from 125.85 medium-term top is still in progress. In case of a deeper fall, we'd expect strong support between 115.55 and 38.2% retracement of 101.08 to 125.85 at 116.38 to contain downside. An eventual break of 125.85 is still anticipated at a later stage.

Daily Pivots: (S1) 120.36; (P) 120.50; (R1) 120.67;

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

Daily analysis of silver for December 31, 2015

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Overview

Silver price retests the previously broken level at 13.96 where the price was affected by stochastic positivity, while the EMA50 remains pushing negatively on the intraday trading to support the continuation of the bearish bias in the upcoming period. Therefore, we will keep our bearish trend expectations on the intraday and short-term basis which depends on the stability of the daily close below 14.25, while its next targets at 13.50, then at 13.00.

Expected trading range for today is between 13.60 support and 14.25 resistance

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