GBP/JPY slowly approaching 20-day SMA

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Resistances: 122.70; 122.900; 123.209
Supports: 121.588; 121.065; 120.319

Outlook
Bearish tendency, which lasted for the lastthree days was stopped today, and now a bullish reaction takes place. If the movement upwards proceeds, then GBP/JPY might reach a 20-day SMA at 122.700, which might prove to be a strong resistance for the current rally. If it fails to reverse trend back to bearish, then next resistance at 122.900 (Monthly PP) might give some bearish impetus. At the same time, RSI indicator is neutral, meaning that GBP/JPY is neither over-bought nor over-sold.

Traders' sentiment
Traders at SWFX market remain optimistic about the future value of the British Pound, as 74% of traders hold long positions on GBP/JPY currency pair. The orders are distributed more neutrally, because only 59 of traders ordered to buy GBP/JPY currency pair, expecting that the Japanese Yen will depreciate against the British Pound.
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Actual Topics

Thu, 02 Aug 2012 15:39:20 GMT

The Euro is trading flat against the Japanese yen; 95.81 in focus

The pair remains resilient after Mario Draghi's press conference as the EUR/JPY currency pairs is currently trading in a price range of 95.80/96.20. If the pair moves higher, 96.35 (200-day SMA) is likely to be an initial resistance line for bullish investors, a breakout of which would expose 98.23 (55-day SMA) and 99.39 (PP Monthly), respectively.

Thu, 02 Aug 2012 18:01:55 GMT

EUR/CAD gains bullish momentum

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