The Hong Kong Dollar has been appreciating against the Japanese Yen recently, but ultimately entered a bearish pattern—the double top. Unable to overcome the 14.69 mark, the given pair is likely to give in and make its way back towards 14.60, namely the neckline, where only two options are available: either the HKD rebounds creating a possibility for a triple top, or end the pattern, with support shifting towards the 14.56 area—the 100-hour SMA. The bearish momentum is unlikely to stop there, with the main target being the 200-hour SMA around 14.50. However, technical indicators in all timeframes are in favour of the positive outcome, while 74% of all open positions are short the Hong Kong Dollar against the Yen.
| Level | Rationale | Indicator | 1H | 4H | 1D | |||
| R4 | 14.90 | January 19 high | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 14.79/80 | Weekly and daily R3s | RSI (14) | Neutral | Neutral | Sell | ||
| R2 | 14.74 | Daily R2 | Stochastic (5; 3; 3) | Sell | Buy | Sell | ||
| R1 | 14.70/71 | Bollinger band; daily R1 | ADX (14) | Neutral | Buy | Buy | ||
| S1 | 14.66/65 | Weekly R2; 20-hour SMA; daily PP | CCI (14) | Neutral | Neutral | Sell | ||
| S2 | 14.63/61 | 55-hour SMA; daily S1; Bollinger band | AROON (14) | Buy | Buy | Buy | ||
| S3 | 14.57/56 | Weekly R1; daily S2; 100-hour SMA | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 14.53 | Daily S3 | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↗ | ↑ | ↗ |