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The bullish trend, which started two days ago, successfully managed to continue, and today GBP/JPY experienced a huge bullish advance, which has already managed to overcome both 200-day SMA and the upper Bollinger band. At the particular moment, the currency couple is about to test the weekly R2 at 127.36, which will probably bring some bearish impulse. In case it is broken, then the price might reach the monthly R2 at 128.07, which in turn might change the direction of the current bullish trend. Additionally, the overall indicator outlook is neutral, and present supports are at 126.29, 125.82 and 125.12.
Traders' sentiment
SWFX market participants are optimistic about the GBP/JPY currency pair, as 67% of traders hold long positions and only 33% of traders hold short positions. The situation with orders is rather similar, since 65% of traders ordered to buy and only 35% ordered to sell the British Pound.
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