EURJPY H4 | Bearish breakout

TitleEURJPY H4 | Bearish breakoutTypeBearish BreakoutPreference:The current price is on a down trend, once it breaks the pivot point at 160.63, the pullback support aligning with 38.2% Fibonacci retracement level, price might fall to 1st support at 159.424, the overlap support.Alternative scenario:The price could bounce off the pivot point and rise to 1st resistance level at 161.788, the swing high resistance.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.