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Supports; 124.01; 123.44; 123.11
Outlook
The bearish correction, which started on August 19th, continues its movement downwards, and GBP/JPY is gradually moving towards the weekly PP at 124.01, which is very likely to bring some bullish momentum, however, if it fails to stop the downtrend, then the price might reach the 55-day SMA at 123.44, which is expected to change the prevailing trend. Additionally, RSI indicator shows neutral signal, and present resistances are at 124.97, 125.19 and 125.47, and so far there are no signs that they might be breached.
Traders' sentiment
Traders at the SWFX market maintain mixed feelings regarding the GBP/JPY currency couple, as 58% of traders hold bullish positions and 42% of traders hold bearish positions. The situation with orders shows that traders expect the British Pound to appreciate against the Japanese Yen, since 67% of traders ordered to buy and only 33% ordered to sell the sterling.