FxWirePro: EUR/JPY struggles at 200-DMA support, good to short break below -

• EUR/JPY is extending downside from multi-month highs at 120.16.
   
• Downside finds strong support by 200-DMA at 118.53, downside could accentuate on break below.
   
• EUR is likely to trade with a negative bias ahead of the Italian referendum.
   
• Support levels - 118.53 (200-DMA), 118.24 (10-DMA), 118, 117.71 (Nov 23 low)
   
• Resistance levels - 119, 119.13 (5-DMA), 120, 120.16 (Nov 25 high)
   

Recommendation: Good to go short on break below 118.50, SL: 119.15, TP: 118/ 117.70/ 117.10
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FxWirePro's Hourly EUR Spot Index was at 17.8932 (Neutral), while Hourly JPY Spot Index was at 16.3715 (Neutral) at 0650 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.