Due to the global turmoil GBPJPY broke the 4Y bull (blue) trendline . Also broke below the 2013 red trendline , pushed lower to the 2014 low and backtested the cross of the two bull trendlines . The brake and the backtest seem to be very orderly.
If risk-aversion aimplifies then GBPJPY is very likely to break below the key support level @ 163.70.
There are risks in this setup: 1) A lot of patience needed 2) Risk-avesion has to build further 3) Have to expect the BoJ not letting USD/JPY depreciating much further and so indirectly GBP/JPY. Thoug, if it plays out, it plays out nicely. Good luck!
I think, that the BoJ desperately wants to see JPY depreciating further. But the real question is what the market wants. We saw how the negative deposit rates did not have the wished effect on USDJPY :) If risk-aversion really kicks in then there is not much the BoJ can do on the short-run.