Stocks are holding the bulk of their gains in early afternoon trade which is in turn helping to support EUR/JPY. With dealers reluctant to push USD/JPY to the topside too aggressively, they have turned to the EUR/USD leg of the cross to help elevate the cross. EUR/USD has recovered to the 1.3270 area from 1.3220 as EUR/JPY makes now highs in the 119-teens.
1.3335 is important resistance for EUR/USD while 90.00/10 is resistance in EUR/USD. If both hold, that should limit EUR/JPY to 120.00.
