© Dukascopy Bank
Today the GBP/JPY currency couple experienced a significant bullish advance, which has already managed to breach the monthly R1, and at the particular moment the currency pair is slowly approaching the upper Bollinger band at 129.78, which is expected to stop the prevailing uptrend. In case it is broken, then the price might reach the weekly R2 at 131.07, which will probably bring some bearish impetus. Moreover, the overall indicator outlook has change to positive, therefore supporting the current movement upwards.
Traders' sentiment
SWFX market participants expect that the British Pound will lose value against the Japanese Yen, since only 32% of traders hold long positions and more than 68% of traders hold short positions. The distribution of orders is rather neutral, as 56% of traders ordered to buy and 44% ordered to sell the British Pound
© Dukascopy Bank