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Today the GBP/JPY currency couple experienced a significant bearish reaction, which has already managed to overcome the weekly PP at 128.53, and at the particular moment the price is slowly moving towards the 20-day SMA at 127.87, which is very likely to stop the prevailing tendency. In case it fails to slow down the downtrend, then the currency pair might decline until the weekly S1 at 127.45, which in turn might reverse the current movement downwards. In addition, RSI indicator still shows a neutral signal, but the overall indicator outlook still remains bullish, therefore supporting the potential tendency change in the nearest future.
Traders' sentiment
SWFX market participants are neutral regarding the GBP/JPY currency couple, since 46% of traders hold long positions and 54% of traders hold bearish positions. The distribution of orders is rather neutral, as 53% of traders ordered to buy and 47% of traders ordered to sell the British Pound.
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