FxWirePro: EUR/JPY attempts recovery from Italian 'No' vote led slump, good to short rallies

• EUR/JPY slumps after the vote 'No' in Sunday’s Italian constitutional referendum, and the following PM Renzi's announcement to resign. 
   
• Recovering  risk sentiment prompts a brief recovery in the pair.
   
• EUR/JPY pares losses, edges higher from session lows at 118.72 to currently trade around 119.78 levels.
   
• Momentum studies have turned bearish with RSI extending retrace from above 70 levels.
   
• The pair is holding strong support by 200-DMA at 118.48, break below will accentuate weakness.
   
• Support levels - 118.78 (23.6% Fib), 118.48 (200-DMA), 118.16 (20-DMA), 118, 117.71 (Nov 23 low) 
   
• Resistance levels - 119.80 (10-DMA), 120.62 (5-DMA), 121, 120.30 (Nov 30 high) 
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Recommendation: Good to go short on rallies around 119.80/90, SL: 120.65, TP: 119/ 118.80/ 118.50