HKD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having been a subject to a notable buying pressure since mid-October, the Hong Kong Dollar has been gaining ground versus the Japanese Yen and in the first week of November the pair embarked on a formation of the channel up pattern. Despite trading at record high levels, the pair seems to have no intension to halt the rally; now it is trading at the highest level since at least 2009 that is lying at the pattern's upper boundary. If the pair manages to consolidate at this level, it is likely to attempt to penetrate the pattern's resistance, a jump above which may result in a sharp advance of the instrument.
© Dukascopy Bank SA
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