EUR/JPY Rangebound: Bulls and Bears Square Off Ahead of ECB Decision

EURJPY trades flat ahead of the ECB monetary policy. It hit a low of 171.37 yesterday and is currently trading at approximately 172.20. Intraday outlook remains bullish as long as support  171.35 holds. Short-term outlook remains bullish as long as support 167.60 holds.
Technical Analysis:

The EUR/JPY pair is trading above  55 EMA,  above 200 and  365-H EMA  on the 1-hour  chart.

• Near-Term Resistance: Around 172.50, a breakout here could lead to targets at 172.96/173.25/174.
   
• Immediate Support: At 171.80 if breached, the pair could fall to 171.35/170.80/170/169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.
  
  Indicator Analysis  1-hour chart):
   
• CCI (50): Neutral
   
• Average Directional Movement Index: Neutral

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to buy on dips around 171.50-55  with a stop loss at 170.80  for a TP of 173.25/174.