EUR/JPY Outlook (01 June 2021)

Overall, EUR/JPY is trending upwards. Recently, EUR/JPY bounced down from the key level of 134.

The German Preliminary CPI m/m data (Actual: 0.5%, Forecast: 0.3%, Previous: 0.7%) released yesterday indicated a continued rise in German’s inflation in May albeit at a slightly slower rate.

The eurozone CPI flash estimate y/y data will be released later at 1700 (GMT+8).

• CPI Flash Estimate y/y (Forecast: 1.9%, Previous: 1.6%)
  
• Core CPI Flash Estimate y/y (Forecast: 0.9%, Previous: 0.7% revised from 0.8%)
  

Also, the eurozone Unemployment Rate data (Forecast: 8.1%, Previous: 8.1%) will be released later at the same time.

EUR/JPY’s next support zone is at 132.800 and the next resistance zone is at 134.300.
Look for short-term selling opportunities of EUR/JPY.