Outlook GBP/JPY currency pair has already been
following the falling wedge pattern for some time. The bullish movement was
stopped, when the price touched resistance line of the wedge at 123.03, and now
a strong bearish correction takes place. The price is heading towards weekly S1
at 121.57, which might slow down the current declineIn case 121.57 fails to
stop the movement downwards, then next support at 120.85 (lower Bollinger band)
is very likely to bring some bullish impulse. At the same time, RSI indicator
remains neutral, therefore no significant moves are expected.
Traders' sentiment Traders are optimistic with respect to GBP/JPY
currency couple, as 72% of traders hold long positions and only 28% of traders
hold short positions on GBP/JPY. The orders are distributed in a similar
manner, since 58% of traders ordered to buy GBP/JPY, expecting that the British
Pound will appreciate against the Japanese Yen.
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