We’re back in sync at the moment as EUR/USD moves higher along with the latest equities rally and USD/JPY shows a few signs of life. GBP/JPY selling seems to be the flow keeping the carry trades well-contained today despite heartier risk appetites in virtually all the other markets today. Follow-through buying in US equities could see USD/JPY make another run at Fibo resistance at 121.05 late in the session. Should stocks sputter, watch for stops in the 119.45/50 area. USD/JPY trades at 120.10.