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Supports: 123.64; 123.42; 123.12
Outlook
The bullish correction, which occurred on September 2nd, did not manage to last long, as today the GBP/JPY currency pair follows a bearish trend, and the price has already managed to overcome the 20-day SMA at 124.25, and now the currency couple is slowly heading towards the monthly PP at 123.64, which will probably bring some bullish impulse. 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 reverse current bearish tendency. In addition, RSI indicator shows neutral signal, therefore the currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
SWFX market participants retain optimism regarding the potential strength of the British Pound, as 60% of traders hold bullish positions and only 40% of traders hold bearish positions. The orders are distributed in a rather similar manner, since 67% of traders ordered to buy and only 33% ordered to sell the sterling.