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The situation in HKD/JPY is in many ways similar to the one currently observed in USD/JPY, where the pair has formed a channel down pattern as well. Even the signals of the technical indicators are exactly the same (slightly bearish), and this is understandable, since the Hong Kong Dollar is pegged to its United States counterpart.
However, there is a critical difference between these two currency pairs that lies in the sentiment of market participants towards them. While 73% of traders are bullish on USD/JPY, there is only one long out of four positions opened on HKD/JPY.
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