EURJPY H4 | Bullish bounce off pivot?

TitleEURJPY H4 | Bullish bounce off pivot?TypeBullish BouncePreference:Price has been ranging the past few weeks, and could continue to range from our pivot point at 156.76, to the 1st resistance at 157.81. If price rejects and bounces off the pivot point, then it could potentially rise to the neckline of the double top previously formed near the 1st resistance. The 1st resistance is a key pullback resistance level, hence our target should be placed there.Alternative scenario:If price breaks below the pivot point, then price could fall to the 1st support level at 156.35, which is a swing low support level, and slightly above the 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.