Daily analysis of USD/JPY for January 20, 2017

USDJPYH4.png

Overview

The USD/JPY pair attempted to breach the bearish channel's resistance but it managed to settle below it, which keeps the bearish trend scenario valid until now. The bearish wave can be initiated that targets this channel's support located at 111.90. Therefore, we expect the bearish trend in the upcoming sessions supported by stochastic negativity. Breaching the 115.00 level and holding above it will push the price towards 118.10 level as the first main target. The expected trading range for today is between 113.00 support and 115.15 resistance.

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

Daily analysis of GBP/JPY for January 20, 2017

GBPJPYH4.png

Overview

The GBP/JPY pair continued to form correctional bullish waves to approach the bearish channel's resistance around 142.25. The price will regain the bearish bias unless this resistance is breached. The level of 140.00 is the first downside target in the nearest and medium term. On the other hand, if the pair attempts to surpass the above mentioned resistance, it will cancel the negative outlook and start forming main bullish bias to target 23.6% Fibonacci level around 143.25, followed by 145.40. Thus, we expect the price to move with the bearish bias today. The expected trading range for today is between 142.25 and 140.00

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

Daily analysis of gold for January 20, 2016

GOLDH4.png

Overview

Gold price bounced lower after testing the previously broken bullish channel's support, which turned into resistance at $1,209.85. The price needs to breach this level to resume the main bullish trend. The initial target is located at $1,218.55 and the next one lies at $1,249.94. We will keep our positive outlook in the upcoming period if the price holds above $1,197.10. Breaking this level will push the price lower towards the level of $1,183.83. The expected trading range for today is between $1,197.10 support and $1,230.00 resistance.

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

Daily analysis of silver for January 20, 2017

SILVERH4.png

Overview

Silver resumed its upward trend after declining yesterday. The price is approaching the correctional bearish channel resistance again, as the EMA50 managed to protect the price from suffering more losses. Silver continues trading with bullish bias, targeting the 17.43 level initially. Therefore, we wait for more upside moves in the upcoming sessions. Breaching the targeted level will lead the silver price towards 18.30 as the next main station, while the expected rise depends on the stability of the daily close above 16.56. The expected trading range today is between 16.85 support and 17.43 resistance.

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