EUR/JPY Price Analysis: The first upside barrier will emerge above 169.80

• EUR/JPY attracts some buyers around 169.50 in Monday’s early European session. 
• The positive outlook of the cross remains intact above the key EMA, with a bullish RSI indicator. 
• The first upside target will emerge at 169.82; the initial support level is seen at 168.78.

The EUR/JPY cross gains traction near 169.50 during the early European trading hours on Monday. The weakened Japanese Yen (JPY) is driven by the weaker-than-expected Japan GDP growth numbers for Q1, challenging the Bank of Japan's (BoJ) push to get interest rates further away from near zero.

EUR/JPY keeps the bullish vibe unchanged as the cross holds above the 100-period Exponential Moving Averages (EMA) on the four-hour chart. Furthermore, the path of least resistance level for the cross is to the upside, with the Relative Strength Index (RSI) standing in bullish territory near 64.50.

The first upside barrier for EUR/JPY will emerge near the upper boundary of the Bollinger Band at 169.82. The next hurdle is seen at the 170.00 psychological round mark. A break above the latter will expose an all-time high of 171.60, en route to the 172.00 level. 

On the other hand, a low of May 17 at 168.78 acts as an initial support level for the cross. The additional downside filter to watch is the lower limit of the Bollinger Band at 167.79, followed by the 100-period EMA at 167.50, and then a low of May 16 at 167.33. A breach of this level will see a drop to a low of April 29 at 165.66.  

EUR/JPY four-hour chart