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Supports: 123.37; 122.90; 122.47
Outlook
The uptrend, which started on August 13th, continues, and the GBP/JPY currency pair has already managed to cross the 55-day SMA at 123.37, and now the price advances towards the weekly R2 at 124.04, which might slow down the bullish movement, but if it fails to reverse the upward tendency, then next resistance at 124.33 (upper Bollinger band) is likely to bring some bearish impetus. Additionally, RSI indicator remains neutral, therefore no significant breakthroughs are expected.
Traders' sentiment
SWFX market participants remain optimistic regarding the currency couple, since 70% of traders hold bullish positions and only 30% of traders hold bearish positions. The situation with orders, however, is rather neutral, as 57% of traders ordered to buy and 43% of traders ordered to sell the British Pound.