EUR/JPY is in rally mode in US morning trade, supported by rallying US equities and hopes that global rate cuts will cushion the economic downturn. Stops above the 128.50 level are in the cross-hairs. A break of 128.50 will excite bulls for a retest of the 131.00 highs seen last Thursday.
EUR/USD trades firmly, working through central bank offers in impressive fashion. 1.2900 is next resistance.
