© Dukascopy Bank SA
The bullish trend, which started yesterday, successfully managed to continue, as today GBP/JPY experienced another significant bullish advance. As for now the currency pair is about to test the weekly R2 at 129.53, which might bring some bearish momentum. In case it is broken, then the currency couple might reach the weekly R3 at 130.85, which is very likely to slow down the prevailing rally. Additionally, RSI indicator shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants maintain mixed feelings about the GBP/JPY currency pair, since 44% of traders hold long positions and 56% of traders hold short positions. The situation with orders spots some uptrend expectations, as 72% of traders ordered to buy and 28% ordered to sell the British Pound.
© Dukascopy Bank SA