EURJPY H4 | Bearish reversal off 127.2% fibo extension?

TitleEURJPY H4 | Bearish reversal off 127.2% fibo extension?TypeBearish ReversalPreference:Price is approaching our pivot point at 159.77, which is at the 127.2% fibo extension. If price does not break above the pivot point, and the body of the candle closes below, price could potentially fall to the 1st support at 158.45, which is an overlap support level.Alternative scenario:If price breaks above the pivot point, price could rise to the 1st resistance level at 160.44, which is at the 161.8% fibo extension.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.