Here is my Bearish opportunity for the USDJPY pair. If we look to the Daily charts we can see that we are in a extreme situation. We have extreme Bollinger band duplication which brings us to the stiff resistance from the weekly charts around the 80.60. Friday closed with a Bullish Marabuzu candle and the beginning of this week as of now looks to be forming a hammer candle pattern formation. The RSI indicator is creating a double top, the Stochastic indicator is also very extreme. All of these signs are pointing to a Bearish signal. We will be looking to profit from the cycle here which could bring us to 80 maybe even 79.50. I suggest to attack now and place another order around 82.

USDJPY

USDJPY trade setup for February 27, 2012

USD/JPY Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
78.6560
79.4845
79.9940
80.8225
81.3320
82.1605
82.6700

 Fibonacci
79.4845
79.9956
80.3114
80.8225
81.3336
81.6494
82.1605

 Camarilla
80.1355
80.2582
80.3808
80.8225
80.6261
80.7488
80.8714

 Woodie's
-
79.4048
79.8345
80.7428
81.1725
82.0807
-

 DeMark's
-
-
81.0773
80.6951
79.7392
-
-