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Supports: 121.588; 121.294; 120.776
Outlook
GBP/JPY has seen a sharp rebound from the Lower Bollinger Band on the 26th of July, however this bullish recovery has been stopped by the 55-day SMA, and now the bearish trend is once again in action. Now GBP/JPY currency pair is about to reach Weekly PP at 122.678 and current bearish progression might find support at 121.588 (Weekly S1). In case it fails to halt downward tendency, then next supports at 121.294(Lower Bollinger Band) and 120.776(Monthly S1) might bring some bullish pressure. As for now, RSI indicator remains neutral, meaning that GBP/JPY is neither over-bought nor over-sold for the particular moment.
Traders sentiment
Traders sentiment at SWFX market remains optimistic, since 69% of all traders hold long positions on GBP/JPY currency pair, and only 31% anticipate that the British Pound will lose its value against Japanese Yen. Nevertheless the situation with orders is rather different, as traders have mixed feelings about the future development of the GBP/JPY trend, because 53% ordered to sell GBP/JPY and 57% ordered to buy respectively.