© Dukascopy Bank SA
Today GBP/JPY experienced a significant bearish reaction, which has already broken the weekly R1, and at the particular moment the currency pair is about to test the weekly PP at 131.19, which will probably bring some bullish impulse, but if it is breached, then the currency couple is likely to reach the weekly S1 at 130.05, which in turn might stop the prevailing downtrend. In addition, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants expect the downtrend to continue, since 36% of traders hold long positions and 64% of traders hold short positions. The distribution of orders spots strong uptrend expectations, as 73% of traders ordered to buy and only 27% ordered to sell the British Pound.
© Dukascopy Bank SA