Directly from Vladimir Ribakov's Live Trading Room

Here we are looking for ways to join the Bearish down move. In order to join this move if you are not already in would be to look to the H4 charts. Here you can see that we have a strong area of what use to be resistance now acting as support. This area is around 81.08. What we want to see is a break, retest and hold below 81.08. We don't want to see an immediate break back above this level. If 81.08 holds we want to have a break of the RSI indicator 50 line and we want to see the Bollinger Bands begins to open. If we get all of the confirmations then that will be our signal to sell. Stop loss will be place above the 20MA and we will be aiming the next support around 80.

USDJPY

USDJPY trade setup for March 06, 2012

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
79.3150
79.9595
80.3050
80.9495
81.2950
81.9395
82.2850

 Fibonacci
79.9595
80.3377
80.5713
80.9495
81.3277
81.5613
81.9395

 Camarilla
80.3782
80.4690
80.5597
80.9495
80.7412
80.8320
80.9227

 Woodie's
-
79.8847
80.1555
80.8748
81.1455
81.8648
-

 DeMark's
-
-
81.1222
80.8631
80.1322
-
-