Title
EURJPY H4 | Bearish reaction off 61.8% fibo?

Type
Bearish Reversal

Preference:

Price is approaching the pivot point at 157.83, which is an overlap resistance level and slightly above the 61.8% fibo retracement and 78.6% fibo projection. We can expect price to have a bearish reaction off the pivot point and fall to the 1st support at 156.87, which is a multi-swing low support level.

Alternative scenario:

If price breaks above the pivot point, then price could head towards the 1st resistance at 158.47, which is a multi-swing high resistance level.

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