GBP/JPY's bounce on tuesday seems more due to a “mean reversion” effect than anything driven by any macro-economic data releases, and the bounce in GBP/JPY echoes similar rebounds in most Yen pairs.
As a safe-haven currency, JPY tends to weaken when market sentiment is upbeat and on Tuesday the market mood was overall positive, buoyed by the recent run of tech earnings, positive GDP releases in Europe and overall easing geopolitical concerns.
The continued interest rate differential between the UK and Japan creates an overall bullish backdrop for the GBP/JPY.
The BoE is in no rush to cut interest rates with services inflation still rampant in the UK and in Japan the most recent batch of Tokyo CPI showed disinflation in the capital, which makes it even less likely the BoJ will raise super-low interest rates in Japan. As long as investors see more of a return parking in Pounds than Yen, the pair is destined to rise.
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