GBP/JPY fell below 131.60 in late European trading but has climbed back to 131.82.
This pair was a high flyer in November but has pulled back so far this month as it consolidates before an assault on the March high of 133.45.
Long yen crosses will be one of the best trades of 2013 but they look stretched at the moment. A slide down to 130.50 would be a more appetizing entry point.
