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The bearish tendency, which started three days ago, successfully continues, and now GBP/JPY confronts the 20-day SMA at 124.67, which might slow down the downtrend. However, if it is broken, then the price might reach the weekly S1 at 124.05, which in turn is very likely to bring some bullish impetus. Besides, the indicator outlook remains neutral, and currency resistances are at 125.12, 125.41 and 125.75, and they seem to be secure for now.
Traders' sentiment
SWFX market participants maintain optimism about the GBP/JPY currency couple, as 67% of traders hold bullish positions and only 33% of traders hold bearish positions. The situation with orders is quite similar, as 63% of traders ordered to buy and 37% of traders ordered to sell the British Pound.
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