EUR/JPY Price Forecast: The cross keeps bullish vibe, first upside target emerges above 162.50

• EUR/JPY climbs to near 162.15 in Monday's early European session, up 0.30% on the day. 
• The constructive view of the cross prevails above the key 100-day EMA with the bullish RSI indicator. 
• The immediate resistance level emerges at 162.55; the key support level to watch is in the 160.15-160.00 zone. 

The EUR/JPY cross loses momentum to around 162.15 during the early European session on Monday. The encouraging news from China's stimulus measures announced over the weekend provides some support to the Asian equity markets, which undermine the safe-haven currency like the Japanese Yen (JPY). However, the rising bets that the Bank of Japan (BoJ) will raise its interest rates further might help limit the JPY's losses. 

Technically, the positive outlook of EUR/JPY remains in play as the cross is well-supported above the key 100-period Exponential Moving Average (EMA) on the 4-hour chart. The upward momentum is reinforced by the Relative Strength Index (RSI), which stands above the midline near 61.40, displaying bullish momentum in the near term. 

The first upside target for the cross emerges at 162.55, the upper boundary of the Bollinger Band. Extended gains could see a rally to 163.22, the high of January 22. The additional upside filter to watch is the 164.00-164.10 zone, representing the psychological level and the high of January 24. 

On the other hand, the crucial support level for EUR/JPY is located at the 160.15-160.00 region, the confluence of the round figure, the lower limit of the Bollinger Band and the low of March 13. Sustained trading below the mentioned level could see a drop to the next contention level at 159.68, the 100-period EMA, followed by 158.90, the low of March 10. 

EUR/JPY 4-hour chart