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Resistances:
122.59; 122.90; 123.21
Supports: 121.58; 121.36; 120.87
Outlook
Bearish trend, which was started on July
30th was paused today, and now a bullish correction takes place. Further
GBP/JPY advance might find resistance at 20-day SMA at 122.59, but if it fails
to reverse the current trend, then next resistance at 122.90 (Monthly PP) will
probably bring some bearish impetus. At the same time, RSI indicator shows
neutral signal, therefore no sudden tendency reversal should be expected.
Current support levels are at 121.58, 121.36 and 120.87 and presently there are
no signs of them to be breached.
Traders sentiment
Traders at SWFX market have bullish expectations with
regards to GBP/JPY, as 69% of traders hold long positions and only 31% hold
short positions. However, the orders show more neutral attitude, since 52% of
traders ordered to buy and 48% of traders ordered to sell the British Pound.