The BOJ policy statement shows that they will continue along the same policy path for the foreseeable future, making the Yen an obvious choice as a funding currency for carry trade players. Whether to choose the JPY, EUR or USD as a funding currency is now really a matter of personal choice.

GBP/JPY is starting to look interesting again, as it nears a series of 3 flat daily highs near 173.50; a clean break above there should really accelerate momentum.

USD/JPY has moved to a safer distance from technical support at 101.50/57 and EUR/JPY is also looking less precipitous.