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FXstreet.com (Barcelona) - GBP/JPY is currently about flat for the new year 2013 so far, last at 140.96, off yesterday's lows at 140.19, retracing from fresh 31-month highs printed Wednesday at 142.80. The cross is also about flat for the session being, despite huge decline in Cable, mostly backed on continued Yen weakness. Nikkei index is up +2.66% for the day and year in its first trading day of 2013, highest since March 2011 days before the tsunami.

Given USD strength across the board, pushing GBP/USD far to the downside, and USD/JPY to the upside, printing fresh almost 2 and a half year highs at 87.77, the cross GBP/JPY does not move much. The cross had been climbing without any significant retrace for last eight weeks since general elections in Japan were called back in Nov past year.

Immediate resistance to the upside shows at yesterday's highs 142.80, followed by Feb 18 2010 highs at 143.78, and April 07 2010 highs at 145.00. To the downside, nearest term support lies at yesterday's lows/April 11 2011 140.19/12, followed by Dec 28 highs at 139.55, and Dec 27 highs at 139.21.

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