EUR/JPY backs off slightly after nearly reaching 164

Yesterday, the charge higher in the EUR/USD coupled with the relatively weak performance of the Yen versus the Dollar allowed for yet more upside in the EUR/JPY. I have been banking the drum on this one for quite a while now, so it was not exactly a surprise to see it reach yet another new 15 year high earlier today. The EUR/JPY had closed in the US last night with a new 15 year, daily closing high, at 163.60. The new high set earlier today was at 163.94, so as you can see it has just shied off rising above 164 and it has edged back a little so far this morning. The low has been set at 163.44, but that was late yesterday evening after the US close. The effective low today is unfolding right now, as drops back towards 163.50