16 Sep 2016
GBP/JPY remains well offered
GBP/JPY is capturing attention with its sustained price move and soaring volatility.
The search for a low in today's trading is reflected in the 2-standard deviation bands expanding for several consecutive hours. Moreover, the near-term technical picture shows recent close prices printing below the 50 exponential moving average, a bearish condition that should it persist, would help maintain prices below the SAR indicator.
The parabolic SAR has yet to switch direction after two sessions of downward price movement. By doing so means shorts are taking profit. Risks exist the volatility and down drift extend to higher time frames.
The search for a low in today's trading is reflected in the 2-standard deviation bands expanding for several consecutive hours. Moreover, the near-term technical picture shows recent close prices printing below the 50 exponential moving average, a bearish condition that should it persist, would help maintain prices below the SAR indicator.
The parabolic SAR has yet to switch direction after two sessions of downward price movement. By doing so means shorts are taking profit. Risks exist the volatility and down drift extend to higher time frames.