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The bullish trend, which started a couple of days ago, has failed to continue, as today GBP/JPY experienced a slight bullish advance, and at the particular moment the price is about to test the weekly PP at 128.16. In case it is broken, then the currency couple might reach the upper Bollinger band at 129.65, which in turn will probably reverse the current tendency. Nevertheless, the overall indicator outlook is bullish, therefore supporting the current uptrend.
Traders' sentiment
SWFX market participants have slight downtrend expectations, as 40% of traders hold bullish positions and 60% of traders hold bearish positions. The distribution of orders, however, is completely neutral, since exactly 50% of traders ordered to buy and 50% ordered to sell the British Pound.
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