© Dukascopy Bank SA
Supports: 124.03; 123.82; 123.44
Outlook
Yesterday's bullish correction did not manage to last long, as today another bearish reaction takes place. As for now, the GBP/JPY currency couple confronts the 20-day SMA at 124.03, which might slow down the prevailing downtrend. If it fails to stop the movement downwards, then next support at 123.82 (weekly S1) will probably bring some bullish impulse. Additionally, RSI indicator shows neutral signal , therefore the currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
Traders at SWFX market expect the British Pound to gain value against the Japanese Yen, since 60% of traders hold long positions and 40% hold short positions. The orders are distributed in a similar manner, as 67% of traders ordered to buy and 33% ordered to sell the sterling.