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The bearish reaction, which occurred yesterday, failed to continue, as today the GBP/JPY currency pair experienced a slight bullish correction. As for now, the price faces the weekly S1 at 125.73, which might bring some bearish momentum, however if it is broken, then the currency couple is expected to reach the 200-day SMA at 126.29, which in turn is very likely to change the direction of the prevailing tendency. Nevertheless, the overall indicator outlook now is negative, therefore a soon trend reversal might be expected.
Traders' sentiment
SWFX market participants have very slight expectations of the uptrend, since more than 55% of traders hold bullish positions and less than 45% of traders hold bearish positions. The situation with orders supports the prevailing movement upwards, as 68% of traders ordered to buy and only 32% ordered to sell the British Pound.
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