GBP/JPY dumped to 3-year lows on Kuroda, BOE eyed

A massive sell-off in the GBP/JPY cross eroded almost 400-pips, smashing the cross to the lowest levels since April 2013, as risk-off remains in full swing boosting the yen across the board.

GBP/JPY regains 147 barrier

Currently, GBP/JPY plummets -2.30% to 147.19, recovering slightly from fresh three-year lows struck at 146.40 last hour. The GBP/JPY battering extends into the European session, as the yen bulls remain in complete control after BOJ governor Kuroda affirmed the rates-on hold decision announced today, while sounding upbeat on the Japanese economic prospects.

Moreover, a spell of global risk-aversion on rising nervousness ahead of the EU referendum weighs down on the pound, further adding to the aggressive selling in the cross. With the BOJ out of the way, focus now remains on the BOE policy decision due later in the upcoming hours.

GBP/JPY Levels to consider 

The pair has an immediate resistance at 148 (round number), above which 148.72 (daily S2) would be tested. On the flip side, support is seen at 146.40 (daily low) that at 146 (3-yr low).