Title
EURJPY H4 | Bearish reversal off 50% fibo?
Type
Bearish Reversal
Preference:
Price could rise towards our pivot point at 162.14, which is a swing high resistance level, aligning with the 50% fibo retracement and 61.8% fibo projection. Since there is fibo confluence here, price could react to the pivot point and fall to the 1st support at 160.99, which is a multi-swing low support level.
Alternative scenario:
If price breaks above the pivot point, price could continue rising towards the 1st resistance at 162.95, which is a swing high resistance level.
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Source: Tickmill
