The EUR/JPY cross trades with mild positive bias near 164.988 on Tuesday during the early European trading hours.
EUR/JPY posts modest gains around 164.88 amid the BoJ’s dovish stance. The cross maintains the bullish outlook above the key EMA; RSI indicator holds in the bullish territory above the 50-midline. The first upside barrier is located at 165.18; the initial support level is seen at 164.53. The dovish language from Bank of Japan policymakers exerts some selling pressure on the Japanese Yen .
The next upside target to watch is a high of March 20 at 165.35. Any follow-through buying above the latter will expose the 166.00 psychological round mark. On the flip side, the initial support level for the cross is seen near a swing low of April 9 at 164.53. The additional downside filter to watch is the 50-period EMA at 164.07. The crucial downside target is near the confluence of the 100-period EMA and the lower limit of the Bollinger Band at 163.70.
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