© Dukascopy Bank SA
The bearish reaction, which occurred yesterday, has failed to continue, as today GBP/JPY experienced a bullish correction, and at the particular moment the currency pair is about to test the upper Bollinger band at 132.62, which is expected to change the direction of the current tendency, however, if it is broken, the the price might advance until the weekly R3 at 134.96, which in turn is likely to bring some bearish impetus. In addition, the overall indicator outlook remains neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants have slight downtrend expectations, as 37% of traders hold long positions and 63% of traders hold short positions. The distribution of orders, however spots high uptrend expectations, since 77% of traders ordered to buy and only 23% ordered to sell the British Pound.
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