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The bullish correction, which occurred yesterday, has failed to continue, as today GBP/JPY experienced a significant bearish movement, which has already managed to breach the 20-day SMA, and now the price is heading towards the monthly PP at 127.73, which might bring some bullish impetus. In case it fails to stop the downtrend, then the currency couple is likely to reach the weekly S1 at 127.42, which in turn will probably reverse the current tendency. In addition, the overall indicator outlook is bullish, therefore a soon trend reversal might be expected.
Traders' sentiment
Traders at SWFX market are neutral about the GBP/JPY currency couple, as 55% of traders hold bullish positions and 45% of traders hold bearish positions. The situation with orders spots slight uptrend expectations, since 61% of traders ordered to buy and only 39% ordered to sell the British Pound.
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