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The bearish reaction, which occurred yesterday, did not manage to continue, as today GBP/JPY experienced a significant bullish correction, and at the particular moment the currency couple is gradually approaching the weekly R1 at 128.16, which might slow down the rally. In case it fails to stop the uptrend, then the price is likely to reach the upper Bollinger band at 128.52, which in turn will probably reverse the prevailing movement upwards. In addition, the overall indicator outlook has change prom neutral to positive, therefore supporting the current uptrend.
Traders' sentiment
SWFX market participants have mixed feelings about the GBP/JPY currency pair, since 47% of traders hold bullish positions and 53% of traders hold bearish positions. The distribution of orders spots some bullish tendency expectations, as 67% of traders ordered to buy and 33% ordered to sell the British Pound.
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