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EUR/JPY lifts to new 16 year highs today

Way back in September 2008 the EUR/JPY reached a high at 169.96. The Euro set its highest daily close last night since that peak, at 166.21. The further push higher in the USD/JPY this morning coupled with a simultaneous move back above 1.07 in the EUR/USD has pushed the EUR/JPY to a fresh 16 year high this morning, at 166.80. It has also delivered a move in the GBP/JPY to above 194 for the first time 2015, but more on that one later today. The point is that this is all about Yen weakness versus its major counterparts and not just versus the dollar. There is also no doubt here; that part of the reason why the EUR/USD is pushing above 1.07 again this morning is all due to the Yen cross rate dynamic. The EUR/JPY is currently trading at 166.75 

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