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Supports: 124.04; 123.45; 123.11
Outlook
Yesterday's downtrend managed to continue today, and now the GBP/JPY currency couple is gradually approaching the weekly PP at 124.04, which might slow down the movement downwards, however if it is breached, then the price might fall until the 55-day SMA at 123.45, which in turn is expected to reverse the prevailing trend. Additionally, RSI indicator shows neutral signal, and present resistances are at 124.97, 125.29 and 125.68, and so far there are no signs that they might be breached.
Traders' sentiment
SWFX market participants maintain mixed feelings regarding the GBP/JPY currency pair, as 55% of traders hold bullish positions and 45% of traders hold bearish positions. In contrast, the distribution of orders clearly spots bullish trend expectations, since 70% of traders ordered to buy and only 30% ordered to sell the British Pound.