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Supports: 124.10; 123.82; 123.46
Outlook
Yesterday's bearish reaction failed to continue, and today GBP/JPY experiences a significant bullish reaction. The price has already managed to cross the 20-day SMA at 124.10, and now the currency couple is slowly moving towards the weekly PP at 124.66, which might slow down the rally. In case it fails to reverse the prevailing tendency, then next resistance at 124.97 (monthly R1) is very likely to change the direction of the current movement upwards. In addition, RSI indicator shows neutral signal, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants remain optimistic about the GBP/JPY currency pair, as 61% of traders hold bullish positions and only 39% of traders hold bearish positions. The distribution of orders is quite similar, since 69% of traders ordered to buy and only 31% ordered to sell the British Pound.