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

USDJPY trade setup for March 09, 2012

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

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
80.6087
81.0428
81.7807
82.2148
82.9527
83.3868
84.1247

Fibonacci
81.0428
81.4905
81.7671
82.2148
82.6625
82.9391
83.3868

Camarilla
82.1962
82.3036
82.4111
82.2148
82.6259
82.7334
82.8408

Woodie's
-
81.1188
81.9325
82.2908
83.1045
83.4627
-

DeMark's
-
-
83.1697
82.3234
81.9977
-
-