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GBPJPY Surges Above 216.50 Amidst Yen Weakness; Buy on Dips Advised 
USD/JPY was knocked down to session lows at 120.48, near the hourly 100-SMA, but has recovered slightly to trade at 120.63.
- USD remains under heavy selling pressure versus the Japanese yen for the second straight session on Tuesday
- Substantial risk aversion seen in the markets during the Asian session, regional stocks sharply lower
- Nikkei drops -0.67, Australia's S&P/ASX is losing -0.10% while the Chinese benchmark index, the Shanghai Composite sinks -2.40%
- Rising demand for the yen on the back of month-end exports' sales also adding to the steep losses seen in the USD/JPY pair
- Traders are likely to remain on the sidelines ahead of the risk events this week, FOMC due Wednesday and BoJ policy meeting is due Friday
- Immediate support now in sight might be located at 120.25 (cloud top) below which 120.0 (20-DMA) likely target
- Failure to breach cloud top could see a rebound towards 121 barrier, above which the pair would climb further towards 121.50 (Channel resistance)
