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Supports: 123.36; 122.90; 122.56
Outlook
Although RSI indicator shows neutral signal, the bullish breakthrough out of the falling wedge pattern, which occurred on August 13th, continues, and now the GBP/JPY currency pair keeps slowly moving towards the weekly R2 at 124.04, which might bring some bearish impetus. If it fails to stop the bullish reaction, then next resistance at 124.36 (upper Bollinger band) is very likely to change the direction of the present tendency. Current supports are at 123.36, 122.90 and 122.56, and so far there are no signs for them to be breached.
Traders' sentiment
SWFX market participants anticipate the GBP/JPY currency couple to maintain bullish trend, as 67% of traders hold long positions and only 33% of traders hold short positions. The distribution of orders is very similar, since 61% of traders ordered to buy and 39% of traders ordered to sell the British Pound.