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Supports: 122.28; 121.57; 121.05
Outlook
The GBP/JPY currency pair still continues its movement within the falling wedge pattern. Yesterday the price bounced off the resistance line of the wedge at 122.82, and today a bearish reaction takes place. At the moment, the GBP/JPY currency couple is gradually moving towards the support line of the wedge at 122.28, which is very likely to reverse the present trend. However, in case the price manages to break it, then GBP/JPY might reach the weekly S1 at 121.57, which in turn will probably bring some bullish impulse. At the same time, RSI indicator remains neutral, and current resistances at 122.90, 123.38 and 124.02 seem to be safe for now.
Traders' sentiment
Traders at SWFX market remain optimistic about the strength of the British Pound, since 68% of traders hold long positions on the GBP/JPY currency couple. Moreover, the distribution of orders remains rather neutral, as 59% of traders ordered to buy and 51% of traders ordered to sell.