GBP/JPY continues to struggle under risk aversion

• GBP/JPY drifting lower in Asia trading, down to 152.30.
• BoE on deck this week with their Rate Decision on Thursday.

GBP/JPY is sliding in Tokyo trading, dabbling in the 152.30 region as of writing. Risk sentiment remains fragile following the recent rout on global equities markets, and risk assets such as the Sterling are being dragged down with US futures, which are falling amidst jittery markets.

The Bank of England has their Rate Decision this week at 12:00 GMT on Thursday, and with Brexit concerns weighing heavily on the Sterling, and while rates are expected to stay where they are, an overly dovish tone from central planners could send the GBP further down the charts.

GBP/JPY Technicals

intraday levels are quite tight compared to recent volatility, with 153.12 acting as resistance and the nearest swing support at 153.30; a breakdown from here could see the pair testing the previous session lows of 151.30 quickly. Daily charts still show a bullish trend in place for the Sterling, with the pair trading just beneath the 34 EMA, but still well above the 200-day SMA currently at 147.38.

Today's pivot points:
R2: 154.01
R1: 153.40
PP: 152.30
S1: 151.69
S2: 150.59