FxWirePro: EUR/JPY holds above 200-DMA support, upside capped below 120 handle

• EUR/JPY fails to break below 200-DMA which is major support on the downside.
   
• Upside for now, remains capped below 120 handle, break above finds next immediate resistance at 120.16 (Nov 25 & multi-month high).
   
• Break below 200-DMA at 118.52 could accentuate downside.
   
• EUR is likely to trade with a negative bias ahead of the Italian referendum.
   
• Focus for today remains on eurozone CPI release and developments at OPEC meeting to track market sentiment.
   
• Support levels - 119.52 (5-DMA), 119, 118.52 (200-DMA), 118, 117.71 (Nov 23 low)
   
• Resistance levels - 120, 120.16 (Nov 25 high), 120.27 (weekly 50-MA), 121, 121.20 (June 10 high)
   

We prefer to remain on the sidelines for now till confirmation on technicals. 
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FxWirePro's Hourly EUR Spot Index was at 88.49 (Slightly bullish), while Hourly JPY Spot Index was at -118.506 (Highly bearish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.