© Dukascopy Bank SA
Yesterday's bearish reaction, did not manage to prevail, as today GBP/JPY rebounded from the weekly PP at 131.79, and at the particular moment the price is heading towards the weekly R1 at 133.14, which will probably bring some bearish momentum, but if it is broken, then the currency couple might reach the upper Bollinger band at 134.37, which in turn is expected to change the direction of the current movement upwards. In addition, the overall indicator outlook is bullish, therefore supporting the prevailing uptrend.
Traders' sentiment
SWFX market participants are pessimistic about the GBP/JPY currency couple, as 34% of traders hold bullish positions and more than 66% of traders hold bearish positions. The distribution of orders, however, spots some uptrend expectations, since 67% of traders ordered to buy and only 33% ordered to sell the British Pound.
© Dukascopy Bank SA