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The bullish movement, which started more than a week ago, has successfully managed to continue, as today GBP/JPY experienced another consequent bullish advance. As for now, the currency couple is slowly moving towards the weekly R1 at 133.14, which might bring some bearish impetus, but if it is broken, then the price might advance until the weekly R2 at 134.14, which in turn will probably slow down the bullish tendency. In addition, the overall indicator outlook is bullish, therefore supporting the current trend.
Traders' sentiment
SWFX market participants have slight downtrend expectations, as 44% of traders hold long positions and 56% of traders hold short positions. As for pending orders, 79% of then are to buy and only 21% are to sell the British Pound.
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