EURJPY H4 | Bearish reaction off 50% fibo?

TitleEURJPY H4 | Bearish reaction off 50% fibo?TypeBearish ReversalPreference:Price is currently reacting off the 50% fibo, which is at our pivot point at 158.43. If price manages to react bearishly off this pullback resistance level, then price could fall to the 1st support at 157.06, which is a multi-swing low support level. However, we would have to take note of the intermediate support at 157.86, which is also a pullback support level. If price breaks below this intermediate support, then price will fall to the 1st support.Alternative scenario: If price breaks above the pivot point, then price could rise towards the 1st resistance at 159.2, which is at the 78.6% fibo retracement and 78.6% fibo projection.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.