EUR/JPY Price Analysis: Trades with slightly positive bias above 164.80

• EUR/JPY posts modest gains around 164.88 amid BoJ's dovish stance.
• The crossover maintains the bullish outlook above the key EMA; The RSI indicator remains in bullish territory above the 50 midline.
• The first bullish barrier is located at 165.18; the initial support level is seen at 164.53.

EUR/JPY is trading with a slight positive bias near 164.98 on Tuesday during the early hours of European trading. The dovish speech from the Bank of Japan (BoJ) officials puts some selling pressure on the Japanese Yen (JPY). However, the possible intervention of the Japanese authorities could lift the Yen and limit the rise of the cross. Investors are awaiting the European Central Bank's (ECB) interest rate decision on Thursday, which is expected to keep interest rates unchanged at 4.5%.

Technically, EUR/JPY's bullish trend continues as the cross breaks above the 50- and 100-period exponential moving averages (EMA) on the four-hour chart. The bullish momentum is supported by the Relative Strength Index (RSI), which is in bullish territory around 66, suggesting that the path of least resistance is to the upside for the moment.

The upper boundary of the Bollinger Bands at 165.18 acts as immediate resistance for EUR/JPY. The next bullish target to watch is the March 20 high at 165.35. Any buying above this last level will expose the round psychological mark of 166.00.

On the other hand, the initial support level for the pair lies near the April 9 low at 164.53. The next bearish target to watch is the March 20 high at 165.35. The additional bearish filter to watch is the 50 EMA at 164.07. The crucial bearish target lies near the confluence of the 100 EMA and the lower boundary of the Bollinger Bands at 163.70. Breaking this level would mean a fall in the price. If this level is broken, a drop to the April 5 low of 163.48 will occur.

EUR/JPY four-hour chart