An accurate bounce off of a midpoint pivot followed by a sharp breach suggests that the Yen futures are headed for a D target at 1.0890. To get there, they will have to cut through a midpoint pivot of 1.0903 which comes from a large pattern on the daily chart. ______ UPDATE (11:06 a.m. EST): The yen rallied enough to cancel the 1.0890 target, but 1.0903 remains active. ______ FURTHER UPDATE (05:18 p.m. EST): The Fed discount rate announcement sent the yen into a dive. The 1.0903 midpoint pivot was exceeded very narrowly, by ten pips, before the session ended.
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