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Supports: 122.52; 122.01; 121.57
Outlook
The GBP/JPY currency couple has continued its movement within the falling wedge pattern, and a breakthrough out of the pattern soon is expected. Yesterday's rally was stopped and today a small bearish reaction takes place. As for now, the price is slowly approaching the 20-day SMA at 122.52, which might stop the bearish tendency. In case it fails to reverse the trend, then next support at 122.01 (Psychological) will probably change the prevailing tendency. Nevertheless, RSI indicator shows neutral signal and current resistances are at 122.91, 123.38 and 124.02, and there are no signs that they might be breached.
Traders' sentiment
Traders at SWFX market are optimistic about the potential growth of the British Pound, since 72% of traders hold long positions on the currency couple. However, the situation with orders is rather neutral, as 56% of traders ordered to buy and 44% ordered to sell.