© Dukascopy Bank SA
The bullish tendency, which started a couple of days ago, did not manage to continue, as today the GBP/JPY currency couple experienced a huge bearish reaction, which has managed to break the 200-day SMA at 126.29. As for now, the currency pair about to test the 55-day SMA at 125.12, which is very likely to bring some bullish impetus. In case it is breached, then the price might reach the lower Bollinger band at 124.79, which in turn will probably stop the prevailing movement downwards. Nevertheless, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
Traders at SWFX market anticipate that the British Pound will gain value against the Japanese Yen, as 59% of traders hold long positions and only 41% of traders hold short positions. The situation with orders shows even stronger uptrend expectations, since 70% of traders ordered to buy and 30% ordered to sell the British Pound.
© Dukascopy Bank SA