It all started with USD/JPY. News that the BOJ is considering a rate cut got that ball rolling and US equities eventually caught on with a lag. the Dow is now up better than 7% and EUR/JPY has taken to the stratosphere. It trades now at 124.40, having overcome the 122.00 level where the 61.8% Fib retracement was perched. A full retracement to 127.22 is now a distinct possibility.