GBPJPY has approached the 132.800-133.000 resistance which is also a key psychological level. From here we could potentially see some rejection to retest the ascending trendline - which if broke could lead to further downside. We are also trading around the 200 MA for another confluence. From a COT perspective, banks are continuing to add shorts to the sterling, while the yen could see some demand due to global sentiment surrounding the american-china tensions.