CHFJPY H4 | Rising into 50% Fibo resistance

TitleCHFJPY H4 | Rising into 50% Fibo resistanceTypeBearish ReversalPreference:Price is rising towards the pivot point of 166.555 which is an overlap resistance that aligns with the 50.0% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 165.057 which is a pullback support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 167.521 which is an overlap resistance 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.