© Dukascopy Bank SA
Yesterday's bullish advance has failed to continue, as the GBP/JPY currency couple rebounded from the upper Bollinger band, and at the particular moment the currency pair is heading towards the weekly PP at 126.85, which might bring some bullish impetus. If it is breached, then the price might reach the 200-day SMA at 126.21, which will probably change the direction of the prevailing tendency. Additionally, RSI indicator still shows a neutral signal,as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants are neutral about the GBP/JPY currency pair, as 55% of traders hold long positions and 55% of traders hold short positions. The distribution of orders shows some bullish trend expectations, since 66% of traders ordered to buy and only 34% ordered to sell the British Pound.
© Dukascopy Bank SA