Daily analysis of GBP/JPY for November 11, 2016

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Overview

The GBP/JPY price ended its trading yesterday by breaching the resistance at 133.25, which confirms the continuation of the bullish correctional bias that would settle at 134. We expect the 133.25 level to hold as a new support level, so that the bullish rally would resume to 136.30 and then to the main resistance at 141.20. Stochastic rally to the overbought levels confirms our bullish suggestion, thus still providing the required positive momentum for the price movement to the suggested targets. The expected trading range for today is between 133.25 and 136.30.

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Daily analysis of EUR/JPY for November 11, 2016

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Overview

The EUR/JPY price managed to provide a positive close above 115.40 level to get rid of the dominant negativity. The pair begins clear gains by reaching 116.50. Please be aware that the stability of the moving average 55 near 115.40 level confirms the price confinement within the bullish level, providing positive momentum to extend trading to 117.70 and even higher to 119.20. Stochastics attempt to settle within the overbought level reinforces our bullish suggestion to provide positive momentum to the price. This agrees with our bullish expectation to wait until the targets are hit. The expected trading range for today is between 115.65 and 117.70

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Daily analysis of Gold for November 11, 2016

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Overview

Gold price broke the minor bullish channel's support that appears on chart to head directly for testing the key support 1,249.94, which represents 38.2% Fibonacci correction level for the rise from 1,047.61 to 1,375.01. This requires caution about any attempt to break this level, as breaking it represents the key to extend the correctional bearish wave to target 1,211.31 areas direct. Now, we expect the price to head for regaining its main bullish track depending on the stability above 1,249.94 level, supported by the stochastic move on the oversold areas. The positive targets will be hit by breaching 1,297.74 level to open the way to head towards the previously recorded top at 1,375.00 as the next main station. The expected trading range for today is between 1245.00 support and 1285.00 resistance.

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Daily analysis of Silver for November 11, 2016

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Overview

Silver price retreated after approaching 19.00 barrier yesterday, to fluctuate at the key support 18.30 again, which is met by the EMA50 to add more strength to it. Meanwhile, stochastics are moving near the oversold areas now. Therefore, these factors encourage us to insist on the bullish trend in the upcoming sessions. The next target is located at 19.38, taking into consideration that breaking 18.30 will push the price to visit 17.43 level direct before any new attempt to rise. The expected trading range for today is between 18.30 support and 19.00 resistance.

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