© Dukascopy Bank SA
Today GBP/JPY experienced a significant bullish correction, which has already managed to breach the weekly PP at 126.85, and at the particular moment the currency pair is facing the upper Bollinger band at 128.20, which is expected to slow down the uptrend. In case it is broken, then the currency couple is likely to reach the weekly R2 at 129.53, which in turn might bring some bearish impetus. In addition, the overall indicator outlook is bullish, therefore supporting the prevailing tendency.
Traders' sentiment
Traders at SWFX market expect the British Pound to lose value against the Japanese Yen, as only 37% of traders hold long positions and more than 63% of traders hold short positions. The situation with orders, however, shows that traders anticipate the bullish trend to continue, since 61% of traders ordered to buy and only 39% ordered to sell the British Pound.
© Dukascopy Bank SA