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Supports: 123.76; 123.42; 123.24
Outlook
The bearish trend, which started on August 22nd, managed to continue, and today the GBP/JPY currency couple is slowly moving towards the 20-day SMA at 123.76, which might slow down the downtrend. In case it fails to stop the prevailing movement downwards, then the price might reach the 55-day SMA at 123.42, which in turn is very likely to bring some bullish impulse. Moreover, RSI indicator remains neutral, therefore the currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
SWFX market participants have mixed feelings regarding the GBP/JPY currency couple, as 55% of traders hold bullish positions and 45% of traders hold bearish positions. The situation with orders, however, shows some bullish trend expectations, since 70% of traders ordered to buy and only 30% ordered to sell the British Pound.