© Dukascopy Bank SA
The downtrend, which started a couple of days ago, failed to continue, as today GBP/JPY has gained some bullish impulse, and at the particular moment the price is about to test the weekly S1 at 125.73, which might bring some bearish impetus. If it is breached, then the currency couple will probably reach the 200-day SMA at 126.28, which in turn is expected to stop the prevailing tendency. In addition, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants maintain mixed feelings regarding the GBP/JPY currency couple, as 56% of traders hold bullish positions and 44% of traders hold bearish positions. The situation with orders, however, clearly spots strong uptrend expectations, since 79% of traders ordered to buy and only 21% ordered to sell the British Pound.
© Dukascopy Bank SA