Directly from Vladimir Ribakov's Live Trading Room
From my point of view I believe that this pair is acting perfectly and I wish that it goes a little bit higher to around 82.77 or even higher to 84.40. If we look to the Daily chart we can see that price is riding along the Bollinger Band and if price reaches said levels than that follows the 20 candle ride rule. Which at that point we would be targeting the opposite Bollinger Band for a much larger total potential profit. If the Daily chart continues to ride and the Bearish continuing divergence continues along with the RSI indicator which h is now pointing towards its extreme levels we will look for a clear stop at one of these levels, wait for a Bearish candle pattern ie Harami, Engulfing, Hammer or Kicker etc to enter. First target will be the 20Ma of the Daily chart second target will be the opposite Bollinger Band.
USDJPY trade setup for March 09, 2012
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3