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Today GBP/JPY experienced another consequent bullish advance, and at the particular moment the currency couple is slowly moving towards the 200-day SMA at 126.28, which is expected to change the direction of the current movement upwards. If it fails to slow down the prevailing rally, then the price is very likely to reach the weekly PP at 126.77, which in turn will probably bring some bearish momentum. Additionally, RSI indicator is still showing a neutral signal, as well as the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants maintain mixed feelings regarding the GBP/JPY currency couple, as 55% of traders hold long positions and 45% of traders hold short positions. The distribution of orders, however, shows some bullish tendency expectations, since 70% of traders ordered to buy and only 30% ordered to sell the British Pound.
© Dukascopy Bank SA