HKD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after confirmation of the 200-period SMA as the new support in early November, HKD/JPY started to ascend within the boundaries of the upward-sloping corridor. However, the rate of price's growth has noticeably decreased lately. Accordingly, at the moment the currency pair is trading right at the lower rising trend-line that should be able to prevent extension of the dip and subsequently push the price further north. Emergence of a rally is also supported by the four-hour and daily technical indicators. Moreover, most of the SWFX market participants are holding long positions, expecting the Hong Kong Dollar to continue appreciating relative to the Japanese Yen.

© Dukascopy Bank SA
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