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The uptrend, which started a couple of days ago, has finally ended, and at the particular moment the GBP/JPY currency pair is moving towards the 20-day SMA at 126.53, which is likely to reverse the prevailing bearish trend. In case it fails to slow down the current decline, then the price might reach the 200-day SMA at 126.28, which in turn is expected to stop the prevailing movement downwards. Additionally, RSI indicator shows a neutral signal, as well as the overall indicator outlook is neutral.
Traders' sentiment
SWFX market participants have mixed feelings about the GBP/JPY currency couple, since 58% of traders hold bullish positions and 42% of traders hold bearish positions. The distribution of orders, however, shows some uptrend expectations, as 74% of traders ordered to buy and only 26% ordered to sell the British Pound.
© Dukascopy Bank SA