The break of resistance at 980 in the S&P 500 has excited equity bulls and helped spur the breakout to the topside in EUR/JPY and EUR/USD. Technical analysts at Citi are calling for a fast rally to the 1100 level in the S&P in the coming weeks along with a sharp drop in volatility. Oh please, let it be so… If that is the case. look for risk aversion to ease and EUR/JPY to extend its rebound into the 130s.