HKD/JPY 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
To consolidate the downward motion, HKD/JPY entered a descending channel pattern, building up some bearish potential for a break below the support level at 12.9269. The break, however, did not go as planned, establishing a new high at 13.4194, which has sketched another upper trend-line of the triangle. We believe that the break will come either on the current wave or following several additional confirmations of the newly formed trend-line. With several SMAs pushing from below, the pair will have to put up a fight to battle through levels of significance, especially the SMA-Pivot Point-Bollinger Band confluence at 13.1090/1645. When a successful violation of the bottom line is accomplished, HKD/JPY will test 12.8302/8190 and most likely rebound for a more sufficient dip. Another scenario consists of a rebound from the recently broken trend-line at 13.0717 and an extension of the rally towards July highs at 13.8421.
© Dukascopy Bank SA
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