HKD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached a three-year high of 13.5999, the Hong Kong Dollar changed direction against the Japanese Yen and was retreating until the pair reached a three-month low of 12.9744 in the very beginning of February. Since then, the pair has been locked in the tunnel formed by two upward sloping lines.
At the moment, the currency couple is rebounding after a stab to the lower trend-line that may have resulted in a breakout if the 50-hour SMA sitting at 13.1808 had not mollified downside pressure thus helping the pair to bounce off the pattern's boundary.
© Dukascopy Bank SA
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