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Today GBP/JPY experienced a significant bearish reaction, and at the particular moment the GBP/JPY currency pair is slowly moving towards 55-day SMA at 124.58, which will probably reverse the prevailing movement downwards. If it is broken, then next support at 124.17 (lower Bollinger band) is very likely to bring some bullish impetus. Moreover, RSI indicator shows a neutral signal, although the overall indicator outlook is positive, therefore tendency reversal could be expected in the nearest future.
Traders' sentiment
Traders at SWFX market maintain mixed feelings about the GBP/JPY currency pair, as 51% of traders hold long positions and 49% of traders hold short positions. The situation with orders, however, shows some uptrend expectations, since 75% of traders ordered to buy and 25% ordered to sell the British Pound.
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