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Supports: 123.83; 123.43; 123.24
Outlook
The downtrend, which started almost a week ago, continues, as today the GBP/JPY currency couple experiences another bearish movement. As for now, the price is gradually heading towards the 20-day SMA at 123.83, which might slow down the bearish tendency, however, if it fails to stop the prevailing downtrend, then the currency pair might reach the 55-day SMA at 123.43, which in turn is very likely to change the present trend. Nevertheless, RSI indicator shows neutral signal, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants are neutral regarding the GBP/JPY currency pair, since 55% of traders hold long positions and 45% of traders hold short positions. In contrast, the distribution of orders shows some expectations of the bullish trend, as 72% of traders ordered to buy and 28% ordered to sell the British Pound.