Ella 
EUR/JPY extended losses for two consecutive days on Wednesday, reaching its highest level of the conversion line of 158.45, which formed support and prevented EUR/JPY from falling. EUR/JPY average daily range (ADR) reached 43 points, with volatility being exhausted. As a result, EUR/JPY is likely to remain consolidated, with Asia opening trading at 158.66.
EUR/JPY remains range-bound amid unclear direction, but with a slight tilt to the upside. This is because EUR/JPY is above the Ichimoku cloud. Therefore, the first level of resistance is 159.00, followed by the daily high of 159.91 on October 24. A move above this level could see EUR/JPY trading above 160.00.
On the other hand, the first level of support for EUR/JPY is the conversion line at 158.45. If bears weaken below this level, the next level of support will be the Ichimoku cloud at 157.90/80, followed by the baseline at 157.13. Beyond this level, the next lower limit will be the bottom of the Ichimoku cloud at 155.60.
