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Today the bearish trend, which started two days ago, was stopped, as the GBP/JPY currency couple experienced a bullish correction, which has already managed to overcome the 200-day SMA, and at the particular moment the price is gradually heading towards the weekly PP at 127.28, which is expected to reverse the prevailing movement upwards. In case it fails to stop the rally, then next resistance at 128.07 (monthly R2) will probably bring some bearish momentum. Nevertheless, RSI indicator shows a neutral signal, although the overall indicator outlook is positive.
Traders' sentiment
SWFX market participants have mixed feelings regarding the GBP/JPY currency couple, since 53% of traders hold bullish positions and 47% of traders hold bearish positions. The distribution of orders, however, spots some bullish tendency expectations, as 61% of traders ordered to buy and only 39% ordered to sell the British Pound.
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