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Another day another new 15 year high for EUR/JPY

The push higher in the EUR/USD following the release of the latest German ZEW index has seen a push to fresh 2023 highs in the EUR/JPY. In fact, it has lifted to another new 15 year high too. The EUR/JPY closed last night at 162.31 and it has just now risen to 162.76. The positive outlook for the cross has been a highlight here for some while now and as you can see again this morning, the gains just keep coming. The RSI is high, but still not yet over-cooked, currently around 70 on a 14 day basis. That means there is still room for more upside, but eventually a correction will come. I have also been highlighting the fact; that there is nothing technically standing in the way of this until it reaches its all time record high at 169.96. That was set back on July 31, 2008, so we are looking at some serious price history here folks. Naturally, this is mostly about Yen weakness in truth and what I can tell you; is that the EUR/JPY appears to have become a hedge trade in some respects, in an attempt by punters to circumvent any intervention by the BOJ, should that arrive. All I can say about that, is such is often flawed, because if the BOJ steps in aggressively to try and halt the USD/JPY, the EUR/JPY will come unstuck too. However, that is not stopping the trend higher or the demand right now it seems. The EUR/JPY is currently trading at 162.65
 

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