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The bullish tendency, which started three days ago, successfully manages to advance even further, and today the GBP/JPY currency pair has experiences a significant rally, which has already managed to breach the upper Bollinger band at 125.12. As for now, the price is about to face the weekly R3 at 125.90, which might slow down the movement upwards. In case it is broken, then next resistance at 126.22 (monthly R1) is very likely to bring some bearish momentum. In addition, RSI indicator remains neutral, although it has moved very close to the over-bought area.
Traders' sentiment
Despite the prevailing tendency upwards, SWFX market participants maintain rather neutral position, as 56% of traders hold bullish positions and 44% of traders hold bearish positions. The orders are distributed in a similar manner, since 61% of traders ordered to buy and 39% ordered to sell the British Pound.