© Dukascopy Bank SA
GBP/JPY successfully managed to keep its bullish outlook, since today the currency couple experienced another significant bullish advance, which managed to break =the upper Bollinger band, and now the currency pair is about to test the weekly R2 at 133.74, which will probably bring some bearish momentum, but in case it fails to slow down the movement upwards, then the price might reach the weekly R3 at 134.35, which in turn is expected to change the prevailing tendency. In addition, the overall indicator outlook is positive, therefore supporting the current bullish trend.
Traders' sentiment
Traders at SWFX market have mixed feelings regarding the GBP/JPY currency couple, as 52% of traders hold long positions and 78% of traders hold short positions. The distribution of orders, however, spots strong uptrend expectations, since 74% of traders ordered to buy and only 26% ordered to sell the British Pound.
© Dukascopy Bank SA