EURJPY H4 | Bearish reversal off 61.8% fibo?

Title
EURJPY H4 | Bearish reversal off 61.8% fibo?

Type
Bearish Reversal

Preference:

After forming a double bottom, price is rising towards our pivot point at 158.9, which is a potential pullback resistance level, aligning with the 61.8% fibo retracement and 61.8% fibo projection. We can expect a bearish reversal from the pivot point, for price to fall to the 1st support level at 157.06, which is a multi-swing low support level.

Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance level at 159.76, which is a swing high resistance level.

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