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The uptrend, which started a couple of days ago, successfully managed to continue, as today GBP/JPY experienced another consequent bullish advance. As for now, the currency couple confronts the upper Bollinger band at 127.56, which is expected to reverse the current tendency upwards. However, if it fails to stop the rally, then the price might reach the weekly R2 at 128.17, which in turn will probably bring some bearish momentum. Additionally, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants are neutral regarding the GBP/JPY currency couple, since 55% of traders hold long positions and 45% of traders hold short positions. The distribution of orders is very similar, as 52% of traders ordered to buy and 48% ordered to sell the British Pound.
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