HKD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar continues to surge against the Japanese Yen in the already reviewed ascending channel pattern. The currency exchange rate bounced in limbo around the 50.00% Fibonacci retracement level before it finally broke it and surged on November 30. The pair is once more analyzed, as it has clearly revealed and once more reached the lower trend line of the short term pattern. Most factors indicate that the rate is set to surge soon, as aggregate technical indicators forecast a move northward on all timeframes. However, the pair is already overbought, as 72% of SWFX trader open positions are long. Although, it might be the fact that the SWFX traders clearly know that it will continue to surge.
© Dukascopy Bank SA
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