© Dukascopy Bank SA
The bullish tendency, which started yesterday, successfully managed to continue, as today the GBP/JPY currency pair advanced even further, and now the currency couple is about to test the upper Bollinger band at 127.95, which will probably bring some bearish momentum. In case it is breached, then the price is likely to reach the resistance of the prevailing bullish price channel at 128.62, which in turn might change the direction of the present movement upwards. Additionally, the overall indicator outlook is neutral, therefore no huge trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants are neutral about the GBP/JPY currency couple, since 51% of traders hold bullish positions and 49% of traders hold bearish positions. However, the distribution of orders shows slight bullish trend expectations, since 63% of traders ordered to buy and only 37% ordered to sell the British Pound.
© Dukascopy Bank SA