© Dukascopy Bank SA
The interim bullish tendency, which started a week ago, has finally ended, and today GBP/JPY experienced a huge bearish reaction. As for now, the price is gradually moving towards the 200-day SMA at 126.27, which will probably slow down the downtrend, however, if it is breached, then next support at 125.96 (weekly PP) might reverse the prevailing movement downwards. Moreover, the overall indicator outlook is neutral, and present resistances are at 127.64, 128.07 and 129.13, and they seem to be safe for now.
Traders' sentiment
Traders at SWFX market have mixed feelings about the GBP/JPY currency couple, since 48% of traders hold bullish positions and 52% of traders hold bearish positions. The situation with orders, however, shows slight uptrend expectations, as more than 63% of traders ordered to buy and only 37% ordered to sell the British Pound.
© Dukascopy Bank SA