HKD/JPY 1D Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last time we were looking at HKD/JPY, it was forming a channel up. However, after a bullish run during November and December, every consecutive high was lower than its predecessor. Nevertheless, the currency pair still retains a bullish potential, being that it is well-supported by 13. There the horizontal line implied by the descending triangle merges with various studies, including the monthly S1 and 200-day SMA. Accordingly, there is a high chance that the Dollar will pierce through 13.30 and head further north, towards the monthly R2 at 13.40, as suggested by the monthly technical indicators. Meanwhile, most of the traders hold bearish views—75% of open positions are short.
© Dukascopy Bank SA
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