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Trading signal for EUR/JPY on December 09 - 10, 2021: buy above 128.00 (0/8)


On Wednesday EUR / JPY rose to 1/8 Murray around 129.00. Since the beginning of the Asian session, due to the weakness of the euro, the pair is retreating and is approaching the SMA of 21 and the strong support of 0/8 of Murray.

A return below 128.12 will turn into a negative signal for EUR / JPY and would enable the range rally between 128.90 (1/8) and 127.50 (-1/8). A technical bounce around -1/8 Murray would be an opportunity to buy, given that since 26 November this area has turned out to be strong monthly support.

If EUR/JPY manages to consolidate above the level of 128.00, this retracement will be considered a correction to gain momentum and thus, the pair be able to rise to the 200 EMA located at 129.4, to the top of the bearish channel, and to the psychological level of 130.00

Our forecast for the next few hours is a consolidation above 128.00 (21 SMA – 0/8). As long as EUR/JPY trades above this zone, we will have an opportunity to buy with the target at 128.90 (1/8) and 129.42 (200 EMA). If this level is broken, we could buy with targets at 130.00 (top bearish channel).

The market sentiment report for today, December 09, shows that there are 60.31% of operators who are buying the EUR/JPY pair. This data provided a bearish sign in the medium term. Since the pair is heavily oversold, a correctional movement to the resistance zone of 2/8 of a Murray is expected first. The eagle indicator is showing a bullish bias, moving above the trend channel.

The eagle indicator is showing a bullish bias, moving above the trend channel. The EUR/JPY pair could gain bullish strength in the next few days until reaching the resistance of 2/8 Murray around 129.68. If it manages to consolidate above 128.12 (0/8 of Murray), then it could gain strength and a trade volume to rise to 130.00 (psychological level).

Support and Resistance Levels for December 09 - 10, 2021

Resistance (3) 129.36

Resistance (2) 128.90

Resistance (1) 128.28


Support (1) 127.91

Support (2) 127.34

Support (3) 126.79


A trading tip for EUR/JPY on December 09 - 10, 2021

Buy above 128.00 (0/8) with take profit at 129.42 (200 EMA) and 130.00 (top bearish channel), stop loss below 127.55.

The material has been provided by InstaForex Company -