JYH10 – March Yen (Last:1.1071)

A small, elegant pattern on the hourly chart points to a hidden pivot at 1.1024 which can be bottom-fished.  A buy at 1.1025 with a stop at 1.1019 would risk a theoretical $75 per contract.  If the yen moves substantially lower, it should find support at a hidden pivot of 1.0903. ______ UPDATE (07:42 a.m. EST): We were filled on our 1.1025 order, after which the market bounced to as high as 1.1036.  We had time to move stops to breakeven, but profit potential was small, so let’s call the trade a wash.  The D target and subsequently the round number of 1.1000 were breached, suggesting that the 1.0903 midpoint pivot from a large daily pattern is now in play.