© Dukascopy Bank SA
The significant movement downwards, which started yesterday, has failed to continue, as today GBP/JPY experienced a slight bullish correction, and at the particular moment the currency pair is slowly moving towards the weekly PP at 128.53, which might bring some bearish momentum. In case it is broken, then the currency couple is very likely to reach the upper Bollinger band at 129.54, which in turn will probably stop the prevailing rally. In addition, RSI indicator still shows a neutral signal, however, the overall indicator outlook has change to bullish, therefore supporting the current tendency.
Traders' sentiment
Traders at SWFX market expect the uptrend to continue, since 60% of traders hold long positions and 40% of traders hold short positions. The situation with orders is almost completely neutral, as 51% of traders ordered to buy and 49% of traders ordered to sell the British Pound.
© Dukascopy Bank SA