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The bullish correction, which occurred yesterday, has failed to continue, as today the GBP/JPY currency couple experienced another consequent bearish reaction, therefore supporting the interim downtrend. At the particular moment the currency pair is about to test the 200-day SMA at 125.99, which is very likely to reverse the direction of the prevailing trend. However, if it is broken, then the price might reach the lower Bollinger band at 125.37, which will probably stop the current tendency. Nevertheless, RSI indicator shows a neutral signal, and it is not expected to change in the nearest future.
Traders' sentiment
Traders at SWFX market are neutral regarding the GBP/JPY currency pair, as 51% of traders hold bullish positions and 49% of traders hold bearish positions. The distribution of orders shows slight uptrend expectations, since 61% of traders ordered to buy and only 39% ordered to sell the British Pound.