Not for nothing, but is it obvious to anyone else that while EUR/USD has been piddling around 1.20 this thing has been cycling around 136.50 since july until it just broke out on the upside through major resistance at 138 a few days ago? Technically, I think the cross' target is 140.5 or thereabouts, intermediate time frame. Not sure where it goes thereafter. Assume EUR/USD stays more or less the same at 1.20. That argues for a USD/JPY of 117 or so. Now, consider what happens if the USD continues to strengthen and hits, say, 1.1500. (which given the cute double bottom that just formed, may not be happening. But increasing interest rate differentials says it does). That pops USD/JPY up to 122! Could get interesting. Anyone out there seeing real flows know if the cross is currently moving the market?