HKD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
HKD/JPY has been locked in a narrowing trading range bounded by two steadily converging, upward-sloping lines for the last 64 hours.
 Now the pair of two Asian currencies is headed towards the lower trend-line of the rising wedge pattern but the 50-hour SMA at 13.0911 is preventing HKD/JPY from confirming the pattern's limit one more time. Technical indicators suggest the pair is not likely to overcome this resistance in the next hour but there may be a rebound in the medium-term followed by a decline in one-day perspective.
© Dukascopy Bank SA
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