GBP/JPY technical analysis: Sterling is on the rise against Yen - 142.00 back on the radar ?

• UK PM May will allow a free vote on a second Brexit referendum. GBP is on the rise.
• Bulls are back after several weeks of intense selling. Will they be able to sustain the move up before sellers come back?

GBP/JPY daily chart

GBP/JPY is trading in a steep bear beg below its main simple moving averages (SMAs).

GBP/JPY 4-hour chart

GBP/JPY spiked almost to 142.00 on the Brexit-related news.

GBP/JPY 30-minute chart

GBP/JPY is trading above the 140.00 mark and its main SMAs suggesting bullish momentum in the near term. Bulls need to overcome 141.70 resistance to travel north toward 142.20 and 143.25 levels. Support is at 140.50 and the 139.50 levels.

Additional key levels