© Dukascopy Bank SA
The bullish trend, which started a couple of days ago, successfully managed to continue, as today GBP/JPY experienced another movement upwards. As for now, the currency pair is gradually heading towards the monthly R1 at 129.59, which might bring some bearish momentum, however, if it is breached, then the price might reach the upper Bollinger band at 129.95, which in turn is expected to stop the prevailing uptrend. Nevertheless, the overall indicator outlook is positive, therefore supporting the current trend.
Traders' sentiment
Traders at SWFX market expect the British Pound to lose value against the Japanese Yen, as only 35% of traders hold bullish positions and 65% of traders hold bearish positions. The situation with orders is quite neutral, since 58% of traders ordered to buy and 42% ordered to sell the British Pound.
© Dukascopy Bank SA