EUR/JPY Price Forecast: Keeps bullish vibe, first upside target emerges above 163.00

• EUR/JPY climbs to near 162.35 in Wednesday's early European session, adding 0.31% on the day. 
• The positive view of the cross prevails above the key 100-day EMA with the bullish RSI indicator. 
• The immediate resistance level emerges at 163.03; the key support level to watch is in the 161.00-160.90 zone. 

The EUR/JPY cross gathers strength to near 162.35 during the early European session on Wednesday. The Japanese Yen (JPY) weakens against the Euro (EUR) amid the generally positive tone around the equity markets. Nonetheless, the growing speculation that the Bank of Japan (BoJ) will continue raising interest rates might cap the downside for the JPY. 

Technically, the constructive outlook of EUR/JPY remains in place as the cross is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the Relative Strength Index (RSI), which stands above the midline near 57.15, displaying bullish momentum in the near term. 

The first upside target for the cross emerges at 163.03, the high of March 25. Extended gains could see a rally to 164.20, the high of March 18. The additional upside filter to watch is 164.89, the upper boundary of the Bollinger Band.

On the flip side, the crucial support level for EUR/JPY is located in the 161.00-160.90 region, the psychological level and the 100-day EMA. Sustained trading below the mentioned level could see a drop to the next contention level at 159.12, the low of March 6. The next downside target to watch is 158.15, the low of March 5. 

EUR/JPY daily chart