HKD/JPY 1H Chart: Channel Up

HKD/JPY has been in an up-trend since Jun 13, consistently recovering from the low of 12.6724. However, 10 days ago the currency pair encountered the resistance at 13.0953, evoking a bearish correction, which is currently being slowly negated.

In the short term we may expect more bearish pressure, namely on the nearest supports at 12.8905, the 200-hour SMA, and 12.8111, the up-trend support that preserves the bullish outlook. Once and if these levels withstand the attack, HKD/JPY should then target 13.0275—the upper boundary of the bullish channel.