The Yen now has duelling daily patterns pointing up and down.  In evening trading, the Yen has confirmed a small bullish pattern on the daily chart which is nested within the bearish pattern described yesterday.  Hidden Pivot analysis tells us that the midpoint of the bullish pattern, at 1.0830 and shown in green on the chart, will give us insight if it is approached.  If the futures surpass that level, the chances increase that its sibling “D” target at 1.0955 will be reached, which would break the bearish pattern and add to the bullish character of the daily chart.  On the other hand if the midpoint serves as resistance (or if it is not approached at all), then a fairly small decline would break the bullish pattern and put the bearish targets of 1.0632 and 1.0340 back in play.  Our hunch is that the bullish midpoint at 1.0830 is worth shorting with a tight stop: traders should risk no more than $100 per contract in doing so.  We are ambivalent about buying the bearish midpoint, but we still want to buy the bearish “D” target, entering at 1.0342 with a stop at 1.0334, risking $100 per contract. (Posted by Doug McLagan) _______ UPDATE (April 27, 03:20 p.m. EDT):  The bullish pattern displayed in green on the chart with the midpoint at 1.0830 was broken on Thursday, but the bearish pattern remains active.  On the hourly chart we see a hidden pivot at 1.0705 which can be shorted.  A sell order at 1.0703 with a stop at 1.0711 would risk $100 per contract. _______ FURTHER UPDATE (April 27, 9:27 a.m. EDT):  The trade was stopped out shortly after we initiated it. The futures pulled back to 1.0695 after topping at 1.0715, but that wasn’t enough of a retracement to partially cover the short.