EURJPY H4 | Bearish reaction off 78.6% fibo?

TitleEURJPY H4 | Bearish reaction off 78.6% fibo?TypeBearish ReversalPreference:Price is approaching our pivot point at 158.49, which is a multi-swing high resistance level, aligning with the 78.6% fibo projection. If price reacts bearishly, price could fall to the 1st support level at 157.16, which is a swing low support level.Alternative scenario:If price breaks above the pivot point, then price could rise towards the 1st resistance at 158.94, which is a pullback resistance level, aligning with the -27.2% fibo expansion and 127.2% 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.