© Dukascopy Bank SA
Today GBP/JPY experienced another slight movement upwards, and at the particular moment the currency pair is slowly heading towards the upper Bollinger band at 133.19, which is expected to change the direction of the prevailing tendency, however, if it is breached, then the currency couple will probably reach the weekly R2 at 133.63, which in turn might slow down the prevailing bullish tendency. In addition, the overall indicator outlook shows a strong buy signal, therefore supporting the current tendency.
Traders' sentiment
SWFX market participants are neutral regarding the GBP/JPY currency couple, since 48% of traders hold long positions and 52% of traders hold short positions. The distribution of orders as well is quite neutral, as 57% of traders ordered to buy and 43% ordered to sell the British Pound.
© Dukascopy Bank SA