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Supports: 121.588; 121.243; 120.776
Outlook
GBP/JPY continues its movement downwards, thus supporting the downward channel movement that started a month ago. Now bearish advance is slowly approaching weekly S1, which might prove to be support for the current fall. In case it fails to reverse current trend, then next support at 121.243 (Lower Bollinger Band) might bring some bullish impulse. As for now, RSI indicator remains neutral, signaling that GBP/JPY is neither over-bought nor over-sold for the particular moment. Current resistance levels are at 122.830, 123.254 and 124.450 and seem to be secure for now.
Traders sentiment
Traders sentiment at SWFX market remains optimistic about GBP/JPY currency pair, as 67% of all traders hold bullish positions and 33% of traders hold bearish positions respectively, thus we can assume that the traders expect soon reversal for the current tendency. Moreover, the distribution of orders remain completely neutral, since 51% of traders ordered to buy and 49% of traders ordered to sell GBP/JPY currency pair.