USDJPY SHORT 120

Mar 2, 2017

I have used pivot point analysis primarily combined with fib to notice a reversal that may take place. Price has lined up well with R2 and my weekly resistance which is also 0.5 fib resistance! Using the RSI, I have also seen that USD has been overbought which signals a reversal. I will now move down to the 1 hour chart to get pin point entry and ride this trade back down to the pivot point. For more confirmation, I have added Parabolic SAR to tell if this may just be a retracement.