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Today the GBP/JPY currency pair experienced another bullish rally, and the currency couple has already managed to breach the 200-day SMA at 126.26. As for now, the price is slowly heading towards the monthly R1 at 127.54, which might change the direction of the prevailing movement upwards. If it it broken, then next resistance at 128.03 (upper Bollinger band) is very likely to stop the current bullish tendency. Nevertheless, RSI indicator shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants have slight bullish trend expectations, as 61% of traders hold long positions and 39% of traders hold bearish positions. The situation with orders is rather similar, since 69% of traders ordered to buy and 31% of traders ordered to sell the British Pound.
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