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The interim bullish trend, which started less than a week ago, successfully managed to continue, as today GBP/JPY experienced another bullish advance, and at the particular moment the currency couple is about to test the upper Bollinger band at 127.95, which is expected to change the direction of the current movement upwards. In case it is breached, then the currency pair is likely to reach the monthly R1 at 128.35, which will probably bring some bearish momentum. Moreover, the overall indicator outlook has changed from neutral to bearish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants are completely neutral about the GBP/JPY currency couple, since exactly 50% of traders hold long positions and 50% of traders hold short positions. The situation with orders shows some uptrend expectations, as 68% of traders ordered to buy and only 32% ordered to sell the British Pound.
© Dukascopy Bank SA