EUR/JPY reaches another new 15 year high

Earlier today the EUR/JPY rose further above 161 and set a fresh 15 year high at 161.74. It has backed off a bit from there now though. The move through 161 actually started to unfold into the 4pm London fix yesterday and led the EUR/JPY to a new 15 year record close, at 161.47. Of course that was then and this is now. So. in truth there is noting much this side of 169.47 from preventing it stretching even further, but of course that is quite a distance away from the prevailing price. Meantime, this is a dynamic move higher and also one that is not critically overbought yet. The 14 day RSI (relative strength index) is around 65 which means it can still push higher in the short term. That said, we are at lofty levels all the same. Much will depend on what the USD/JPY does from here because that is the driver when all is said and done. The EUR/JPY is currently trading at 161.60