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Supports: 124.04; 123.38; 122.90
Outlook
Although RSI indicator shows neutral signal, the bullish trend, which started two days ago, managed to breach the weekly R2 at 124.04, and now the GBP/JPY currency pair is slowly approaching the upper Bollinger band at 124.57, which might slow down the uptrend. In case it is broken, then the price might advance up until the weekly R3 at 124.83, which in turn will probably bring some bearish momentum. On the other hand, present supports are at 124.04, 123.38 and 122.90, and they seem to be safe for now.
Traders' sentiment
SWFX market participants are rather optimistic regarding the GBP/JPY currency couple, as 65% of traders hold long positions and 35% of traders hold short positions. The orders are distributed in a more neutral manner, since 54% of traders ordered to buy and 46% ordered to sell the British Pound.