GBP/JPY finds the floor in Asia but still down, near 152.00

• GBP/JPY slid in Asia trading but has regained its footing, gasping for air at 152.10 ahead of European markets.
• Expectations for a May hike from BoE still on the cards, Monetary Policy Summary tone could change the GBP's stance on Thursday.

GBP/JPY found a bounce in Tokyo trading, currently trading near 152.20 after the floor fell out from under the pair, reaching a Asia session low of 151.20 as traders pile into safe havens amidst a global risk rout that has seen the Nikkei Index suffer its biggest single day loss in almost thirty years, shedding nearly 7% on the day.

Bullish traders will be hoping for hawkish wording to come from the BoE when they give their Rate Decision and Monetary Policy Summary on Thursday at 12:00 GMT. The Yen has little impactful data slated for this week, and the Japanese currency will continue to face the full brunt of risk-off markets, with constant jawboning from BoJ heads being the only thing keeping the currency from lifting into the stratosphere. A bearish tone to Euopean markets today could cast a pallor over GBP/JPY, sending the pair even lower as risk aversion dominants the broad markets with equities across the globe shaking out of their record highs in spectacular fashion.

GBP/JPY Technicals

GBP/JPY has priced in intraday support/resistance at 151.25 and 152.60 respectively, while H4 charts show a breakdown of the recent bullish trend, with the recent risk-off market sentiment blowing out the bottom on GBP/JPY's rising trendline. Daily charts are a little more sedate despite the recent bearish volatility, and shows price trading inside of the support zone between the 34 EMA at 153.05 and the 200-day SMA still far below at 137.34.

Today's pivot points:
R2: 156.64
R1: 154.43
PP: 153.32
S1: 151.11
S2: 150.00