EUR/JPY clattering along the bottom ahead of the European CPI numbers

• Euro sitting on the bottom against the Yen in quiet Asia markets.
• European CPI figures up next in Europe.

The EUR/JPY is ranging slightly in the early Thursday session, cycling around 131.30.

Japanese markets are shuttered today in observance of Japan's Constitution Day, and the Euro declined for a fifth straight day against the Yen. European preliminary GDP figures came in exactly at expectations on Wednesday and Markit PMIs from across the European region generally beat their expectations, but the EUR wasn't able to stage a successful comeback against the safe-haven Yen and fell as risk aversion sent traders back into the Yen near the end of the day.

With Japan dark for Thursday, there's no Asia data on the docket, but Europe will be seeing preliminary CPI figures at 09:00 GMT. The year-on-year CPI is expected at 1.3%, in-line with the previous figure. Inflation has been on the lagging side for Europe as of late, and the European Central bank may be getting pushed further out on their rate hike expectations looking ahead.

EUR/JPY levels to watch

Further downside could be on the cards for the Euro against the Yen as analysts at Commerzbank noted recently: "the market has eroded its near term uptrend and we would allow for a slide to the base of the cloud, currently at 130.70. Initial support is the 55 day ma at 131.54. Beyond this near term correction lower we should see gains to the 134.18/61.8% retracement."