It’s like the market was pushing a beachball under water in the US this morning, the way they were selling EUR/JPY. Once the London fixing was over, they took the pressure off the ball and it bobbed back to the surface. From 128.75 we’ve bounced all the way to 129.70. Resistance lies just overhead at 129.80. Further resistance lies at 130.20 if the slow, steady grind continues.