HKD/JPY 1D Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since there is little difference between the fluctuations of the U.S. Dollar and its Hong Kong counterpart (because of the peg), HKD/JPY has also recently has broken from the descending triangle to the upside. The currency pair is now in a good position to advance North, as it has just pulled back from 13.30 and confirmed 13.20 to be the new support. Once the Jul 30 high is overcome, the Apr 4 high should become the next target. However, the main challenge for the bullish ambitions is this year's high near 13.60. Meanwhile, the sentiment towards USD/JPY and HKD/JPY is contradictory—bullish in the first case (72% long) and bearish in the second case (73% short).
© Dukascopy Bank SA
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