This market never loses its ability to confound. Having been a very reliable barometer of risk on the way down, EUR/JPY has turned sluggish as the session wears on despite leaps in equity prices across Asia, Europe and now the US. Wall Street is up better than 6% so far today as credit fears subside after massive government intervention around the globe in recent days and yet to come. EUR/JPY trades just above 137.00 and needs to overcome resistance in the 137.25/35 region to have no life breathed into the trade. The lagging nature of the rally is quite a surprise to me, as is the relative dollar strength with EUR/USD trading below 1.3600.