Potential Pullback to 38.2% for Sell to Downside

On the GBP/JPY weekly chart, there is evidence of an engulfing bearish candle pattern. Shown here is the 4 hour GBP/JPY chart which illustrates the Fibonacci retracements levels of last week's bearish candle. After this significant move to the downside, I am expecting a pullback to the 38.2% Fib level which confluences with this week's weekly pivot point (not shown). A sell order will be triggered at this level with a take profit at the 143.50 level (close proximity to this week's S1 weekly pivot point (not shown).

Sell 1 EUR/JPY option OTM @ $70-80 w/1 week expiration to strike price (143.75)