CADJPY H4 | Bullish bounce from 61.8% Fibo

TitleCADJPY H4 | Bullish bounce from 61.8% FiboTypeBullish BouncePreference:Price is falling towards the pivot point of 106.887 which is an overlap support that aligns close to the 61.8% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 107.684 which is an overlap resistance.Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 106.134 which is a pullback support that aligns close to the 78.6% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.