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The interim uptrend, which started a couple of days ago, has successfully managed to continue, as today GBP/JPY experienced another consequent bullish correction, and at the particular moment the price is slowly approaching the upper Bollinger band at 129.62, which is very likely to change the direction of the prevailing tendency, however, if it fails to slow down the rally, then the currency couple might reach the weekly R2 at 130.21, which in turn might bring some bearish momentum. In addition, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants are neutral about the GBP/JPY currency couple, as 48% of traders hold long positions and 52% of traders hold short positions. The distribution of orders spots slight uptrend expectations, since 61% of traders ordered to buy and 39% ordered to sell the British Pound.
© Dukascopy Bank SA