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The GBP/JPY currency pair maintains its bullish tendency, and today another significant bullish advance has been made. As for now, the currency couple confronts the upper Bollinger band at 124.88, which is very likely to bring some bearish momentum. However, if it fails to stop the prevailing rally, then the price might reach the weekly R2 at 125.35, which in turn will probably slow down the uptrend. Moreover, RSI indicator shows neutral signal, therefore the currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
SWFX market participants maintain mixed feelings regarding the potential strength of the British Pound, as 54% of traders hold long and 46% of traders hold short positions. The situation with orders is quite similar, since 61% of traders ordered to buy and 39% ordered to sell the sterling.