© Dukascopy Bank SA
The bearish trend, which started a couple of days ago, failed to continue, and today the GBP/JPY currency pair experienced a slight bullish correction, which has already crossed the monthly PP at 125.94. As for now, the price confronts the weekly R1 at 126.22, which is likely to bring some bearish impetus. In case it is breached, then the currency couple might reach the 200-day SMA at 126.55, which in turn is expected to reverse the prevailing trend. Moreover, RSI indicator shows a neutral signal, although the overall indicator outlook remains positive.
Traders' sentiment
Traders at SWFX market have slight bullish trend expectations, since 58% of traders hold bullish positions and only 42% of traders hold bearish positions. The situation with orders spots even higher uptrend expectations, as 72% of traders ordered to buy and only 28% ordered to sell the British Pound.
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