© Dukascopy Bank SA
Today the GBP/JPY currency pair experienced a significant bearish reaction, and the price has already managed to breach the weekly S1 at 125.74, and at the particular moment the currency couple is slowly approaching the weekly S2 at 124.68, which is expected to stop the current movement downwards. If it fails to slow down the downtrend, then next support at 124.44 (55-day SMA) will probably bring some bullish impetus.
Traders' sentiment
SWFX market participants have mixed feelings regarding the GBP/JPY currency couple, since 52% of traders hold bullish positions and 48% of traders hold bearish positions. The situation with orders, however spots uptrend expectations, as 70% of traders ordered to buy and only 30% ordered to sell the British Pound.
© Dukascopy Bank SA