EURJPY H4 | Bearish reaction off 78.6% fibo?

Title
EURJPY H4 | Bearish reaction off 78.6% fibo?

Type
Bearish Reversal

Preference:

Price is approaching our pivot point at 158.49, which is a multi-swing high resistance level, aligning with the 78.6% fibo projection. If price reacts bearishly, price could fall to the 1st support level at 157.16, which is a swing low support level.

Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 158.94, which is a pullback resistance level, aligning with the -27.2% fibo expansion and 127.2% fibo extension.

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