© Dukascopy Bank SA
The short-term bearish trend, which started on September 7th, has ended, and now GBP/JPY experiences another small bullish correction. At the particular moment, the price is facing the upper Bollinger band at 125.40, which is expected to change the direction of the current trend. In case it is broken, then next resistance at 125.72 (monthly R1) will probably bring some bearish momentum. In addition, the overall indicator outlook is neutral, thus no significant trend reversals are expected.
Traders' sentiment
SWFX market participants have some expectations that the British Pound will gain value against the Japanese Yen, since 61% of traders hold long positions and 39% of traders hold short positions. The orders are distributed in a similar manner, as 61% of traders ordered to buy and 39% ordered to sell the sterling.
© Dukascopy Bank SA