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
