© Dukascopy Bank SA
Yesterday's bullish correction has ended, and today GBP/JPY experiences a significant bearish reaction, which has already managed to overcome the weekly PP at 125.12. At the particular moment the currency couple is about to test the 20-day SMA at 124.69, which might bring some bullish impetus. In case it is broken, then the price might reach the weekly S1 at 124.05, which will probably change the direction of the current tendency. Nevertheless, the overall indicator outlook is positive, therefore a soon trend reversal could be expected.
Traders' sentiment
Traders at SWFX market retain optimism about the GBP/JPY currency pair, as 70% of traders hold bullish positions and only 30% of traders hold bearish positions. The situation with orders is a little bit more neutral, since almost 60% of traders ordered to buy and more than 40% ordered to sell the sterling.
© Dukascopy Bank SA