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The interim bullish trend has failed to continue, as today the GBP/JPY currency couple experienced a significant bearish reaction. At the particular moment the price is gradually heading towards the 20-day SMA at 130.72, which is likely to slow down the downtrend, however, if it is broken, the currency pair might reach the weekly PP at 130.16, which in turn is expected to bring some bullish impetus. Nevertheless, the overall indicator outlook is bullish, therefore a soon trend reversal should be expected.
Traders' sentiment
Traders at SWFX market are optimistic about the GBP/JPY currency pair, since 68% of traders hold bullish positions and 32% of traders hold bearish positions. The situation with orders, as well shows some uptrend expectations, as 71% of traders ordered to buy and only 29% ordered to sell the British Pound.
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