© Dukascopy Bank SA
The bearish trend, which started two days ago, was stopped today, as the GBP/JPY currency pair experienced a slight bullish correction, and now the price is slowly approaching the monthly R2 at 128.07, which will probably bring some bearish impetus. However, if it is breached, then the currency couple might reach the upper Bollinger band at 128.51, which is likely to change the direction of the current tendency. In addition, the overall indicator outlook is positive, therefore supporting the prevailing movement upwards.
Traders' sentiment
Traders at SWFX market have mixed feelings about the potential strength of the British Pound, since 51% of traders hold bullish positions and 49% of traders hold bearish positions. In contrast, the distribution of orders shows slight bullish tendency expectations, as 65% of traders ordered to buy and only 35% ordered to sell the British Pound.
© Dukascopy Bank SA