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The tiny bearish reaction, which occurred, yesterday, was stopped today, as the GBP/JPY currency couple experienced another huge bullish advance. As for now the currency pair is heading towards the resistance level of the prevailing price channel at 128.70, however, if it is breached, then the price is very likely to reach the weekly R2 at 129.13, which in turn might stop the current uptrend. Nevertheless, the overall indicator outlook is neutral, therefore no huge trend reversals are expected.
Traders' sentiment
SWFX market participants maintain neutrality regarding the GBP/JPY currency pair, since 47% of traders hold bullish positions and 53% of traders hold bearish positions. The situation with orders, however, shows some bullish trend expectations, as 69% of traders ordered to buy and only 31% ordered to sell the British Pound.
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