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The interim uptrend, which started more than a week ago, has successfully managed to continue, as today GBP/JPY experienced another consequent bullish correction, and now the currency couple is gradually heading towards the weekly R2 at 132.31, which might slow down the uptrend, however, if it fails to stop the bullish movement, then the price is likely to reach the weekly R3 at 133.83, which in turn will probably bring some bearish impetus. In addition, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants have slight downtrend expectations, since 39% of traders hold long positions and 61% of traders hold short positions. The distribution of orders spots slight bullish tendency expectations, as 63% of traders ordered to buy and 37% ordered to sell the British Pound.
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