© Dukascopy Bank SA
The bullish correction, which occurred yesterday, managed to continue, as today GBP/JPY advanced even higher, and now the price is about to test the 200-day SMA at 126.35, which is expected to change the direction of the current tendency. If it is broken, then next resistance at 126.55 (weekly R1) will probably bring some bearish momentum. In addition, the overall indicator outlook is bullish, therefore the bullish tendency is expected to continue in the nearest future.
Traders' sentiment
Traders at SWFX market anticipate the British Pound to appreciate against the Japanese Yen, since 63% of traders hold bullish positions and 37% of traders hold bearish positions. The orders are distributed in a similar manner, as more than 70% of traders ordered to buy and only 30% ordered to sell the British Pound.
© Dukascopy Bank SA