Forex Trading: EURJPY is moving above the old high

The EURJPY is moving back higher and is now above the July 14th high of 169.65.  Earlier the pair reached a a 16 plus year high level of 169.90 near the NY open.  However, it sold off back below the 169.65 level as the market corrected on the back of a weaker USDJPY.  

Now another move above the level is in the works as demand for the EURUSD continues to support the pair and the correction in the USDJPY has reached a level of support.  Shorts may start to feel the pressure again soon and be forced to cover.