FxWirePro: EUR/JPY correcting from lows, good to buy dips
EUR/JPY has started to correct higher from near channel base, the pair is edging higher as we write, currently at 127.86. Technical indicators have already corrected extreme oversold reading, RSI and Stochs point north. …
EUR/JPY has started to correct higher from near channel base, the pair is edging higher as we write, currently at 127.86.
Technical indicators have already corrected extreme oversold reading, RSI and Stochs point north.
A recovery above 128.08, Thursday's high and 10-DMA will confirm further advances at the beginning of this week.
Also, this week EU summit turns euro crosses into high beta - hyperactive OTC arrangements indicate euro 's gains within eurozone.
Upcoming data which could have influence on the pair: Euro Zone - Trade balance for December will be released at 10:00 GMT. ECB president Draghi will be speaking at 14:00 GMT.
Immediate resistance is located at 128.08 (10-DMA and Feb 11th high), while support on the downside is seen at 126.36 (Feb 12th lows).
Trade Idea: Good to buy dips around 127.80, SL: 127.20, TP: 128.25/75
