EUR/JPY Outlook (30 November 2021)

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY traded into the resistance zone of 128.500.

The German Preliminary CPI m/m data (Actual: -0.2%, Forecast: -0.4%, Previous: 0.5%) released yesterday indicated a decline in inflation for the month of November.

The eurozone CPI Flash Estimate y/y data will be released later at 1800 (GMT+8).

• CPI Flash Estimate y/y (Forecast: 4.4%, Previous: 4.1%)
  
• Core CPI Flash Estimate y/y (Forecast: 2.3%, Previous: 2.0% revised from 2.1%)
  

Currently, EUR/JPY is testing the resistance zone of 128.500 and the next support zone is at 127.200.
Look for short-term selling opportunities of EUR/JPY if it rejects the resistance zone of 128.500.