Forex: GBP/JPY erases all weekly loses back above 142.50

FXstreet.com (Barcelona) - GBPJPY has recovered to pre-BoJ levels, last at 142.74, off fresh weekly highs at 143.11, on continued Yen weakness since early Wednesday's London session, when it printed weekly lows at 139.29. Despite Pound has also been very weak, actually weakest major currency along CAD since Jan 15, Yen has been even weaker since 2 days ago.

The cross is still +1.38% higher for the new year 2013, hovering around current levels since Jan 02 when it printed daily highs at this same price. Once Tokyo closes about the same time London opens, main risk event for the day ahead for the cross will come in the form of UK Prelim Q4 GDP at 09:30 GMT, expected to come worse than previous, showing a negative figure, which could spark recession fears again.

Immediate resistance to the upside shows at recent fresh weekly highs 143.11, followed by Jan 17 highs at 144.21, and Jan 14 highs at 144.87. To the downside, closest support lies at current levels as mentioned Jan 02 highs, followed by Jan 07 highs at 142.06, and Jan 16 lows at 140.40.