The Yen is in position to impulse one way or the other, and in evening trading it is close to doing so to the upside.  Its destination might be the 1.1229 level discussed in yesterday’s tout, which is the midpoint of a pattern from the 360-minute chart.  The best chance to get long for the ride up would be if the market rallied to just above the second (or possibly the third) prior high marked on the chart and then pulled back, creating the appearance of a failed breakout and thus giving us camouflage.  Let’s treat 1.1229 as our bullish price target for the time being.  Should the Yen decide to impulse down rather than up, perhaps it would be best to stand aside and watch what happens at the 1.0974 midpoint, also described in yesterday’s tout, which comes from a pattern on the daily chart.  (Posted by Doug McLagan)