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Today GBP/JPY experienced another consequent bearish reaction, and at the particular moment the currency pair is slowly approaching the weekly PP at 131.79, which is likely to bring some bullish impetus, but if it is breached, then the price might reach the 20-day SMA at 131.13, which in turn will probably change the direction of the current movement. In addition, the overall indicator outlooks shows a strong buy signal, therefore a soon tendency change should be expected.
Traders' sentiment
SWFX market participants are pessimistic regarding the GBP/JPY currency couple, as 32% of traders hold long positions and 68% of traders hold short positions. The distribution of orders spots some uptrend expectations, since 71% of traders ordered to buy and 29% ordered to sell the British Pound.
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