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Yesterday's bullish movement failed to breach the 200-day SMA at 123.21, and now the GBP/JPY currency pair experiences a bearish reaction. The currency couple has already managed to cross the weekly R2 at 125.35, and now the price confronts the weekly R1 at 124.79, which might stop the current downtrend. However, in case it fails to reverse the trend, then next support at 124.24 (weekly PP) will probably bring some bullish impulse. Nevertheless, some indicators show a sell signal, while some show a buy signal, therefore the overall outlook remains neutral.
Traders' sentiment
Traders at SWFX market have some expectations that the British Pound will appreciate against the Japanese Yen, as 60% of traders hold long positions and 40% of traders hold short positions. The situation with orders is rather similar, since 68% of traders ordered to buy and 32% ordered to sell the sterling.
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