GBP/JPY slowly approaching 121.588

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Resistances: 122.760; 123.215; 124.461
Supports: 121.588; 121.185; 120.319

Outlook
Although RSI indicator shows no particular signal, GBP/JPY continues its stable downhill movement, that was started on the 29th of July. The currency couple is slowly approaching a weekly S1 at 121.588, where the currency pair might find support for the bearish momentum. However, GBP/JPY is still expected to continue trading lower , while only a lower Bollinger band at 121.185 might turn out to be strong enough to bring some bullish impulse and reverse recently established tendency.

Traders sentiment
Although bearish momentum of GBP/JPY is unlikely to weaken in the short-term, traders at SWFX market still hope that a trend reversal will soon take place, since 69% of all traders hold long positions on GBP/JPY currency pair. In addition, the situation with orders remains neutral, as 52% of traders ordered to sell GBP/JPY currency pair and 48% ordered to buy it.