Short EUR/JPY break below 200-DMA at 118.53, target 117

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)

Good to go short on break below 118.50, SL: 119.15, TP: 118/ 117.70/ 117.0