GBP/JPY - GBP/JPY Keeps The Bullish Tone - 08/26/2016 (GMT)

The GBP/JPY pair has been choppy and fairly directionless as it remains above the ascending trend line of the short-term timeframe. During this week the pair surged 1.3% and is currently trading above the 50-SMA and 100-SMA on the 4-hour chart. The pair is moving near the 132.72 price level where the initial targets will be at 133.30 barrier and if the price surpasses the latter level then it must go through the 200-SMA on the 4-hour chart and the 50-daily SMA to meet the 135.50 resistance level. Technical indicators on the 4-hour chart are biased higher after entering the positive territory. The MACS oscillator is moving above both, its zero and trigger lines suggesting an upward move. In addition, the Relative Strength Index (RSI) is following an upward path, confirming the recent bullish attitude of the price.