The clock ticks toward 2:15, when the Fed is expected to announce a 50 bp cut in the Fed funds rate an indicate that it could cut further. That outcome is completely priced in, so at best one can expect a sell-the-news reaction in the stock market which could drag EUR/JPY back down some after a big run over the last 24-hours. Should stocks hold up, look for another retest of the 1.3000 area.