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EUR/JPY backs off from a new record at 171.56
At the end of Q3 2008, the EUR/JPY peaked at 169.96. The pair had closed on Friday at 169.31. The surge in the USD/JPY that played out much earlier during the Asian session today pushed the EUR/JPY above 170 and to a high at 171.56. That was the highest level in the EUR/JPY since the inception of the Euro as a currency in January 1999. So, in that sense a historic day for the EUR/JPY today. However, as the USD/JPY has since fallen back by more than 500 pips today, it has forced the EUR/JPY back equally as hard. The EUR/JPY has dropped back to a low at 165.66 a short while ago. It has rebounded off that low since though and right now it is trading back above 167, as the USD/JPY leads it higher
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