JLS: GBPJPY Bullish in Short Term by Carry Trading Activity

Similar to GBPCHF, the JPY carry traders already initiated the carrying on GBPJPY at the time of BoE initiated the sterilization on GBPUSD above the lower ceiling and retested. The bullish on GBPJPY is driven by the JPY carry trading activity and will continue to upward until the upper ceiling of short term target zone to be reached.