Micron surges 16% after one of the biggest beats in U.S. semis history
USD/JPY has turned nicely down from above 104.00 levels where we see completed wave C) that belongs to a triangle formation about we already discussed last week. So far that was a very sharp downward reaction, but we should not fall in love with bearish trend too soon as waves D) and E) are still needed to complete a triangle formation in blue wave four of a higher degree. That said, in the near-term support can be seen at 100.00/100.50 region.
USD/JPY, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern:
