Title
EURJPY H4 | Bearish reaction off 61.8% fibo?

Type
Bearish Reversal

Preference:

Price is approaching our pivot point at 157.91, which is an overlap resistance, aligning with the 61.8% fibo retracement. If price reacts bearishly from our pivot point, then price could fall to the 1st support level at 157.41, which is a swing low support, aligning with the 38.2% fibo retracement and 100% fibo projection.

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

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