EURJPY H4 | Bouncing off Fibo level

TitleEURJPY H4 | Bouncing off Fibo levelTypeBullish BouncePreference:The price is bouncing off the pivot point at 159.999, an overlap support that aligns with 23.6% Fibonacci retracement. From there price might rise to 1st resistance at 161.634, an overlap resistance.Alternative scenario:It might reverse and break the pivot point, from there it could fall to 1st support at 158.536, an overlap support aligning with 50% Fibonacci retracement.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.