© Dukascopy Bank SA
The bullish trend, which started a couple of days ago, has failed to continue, as today GBP/JPY rebounded from the upper Bollinger band, and at the particular moment the currency pair is slowly approaching the weekly R1 at 128.16, which might bring some bullish impulse. If it is broken, then the currency couple will probably reach the 20-day SMA at 126.91, which in turn is expected to reverse the current movement downwards. In addition, RSI indicator shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
Traders at SWFX market are neutral about the GBP/JPY currency couple, as 46% of traders hold bullish positions and 54% of traders hold bearish positions. The distribution of orders shows slight bullish trend expectations, since 66% of traders ordered to buy and 34% ordered to sell the British Pound.
© Dukascopy Bank SA