HKD/JPY 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
HKD/JPY almost reached for yearly highs in December and January, but set a ceiling at 15.24 instead, falling slightly short of the ultimate high at 15.60. The pair had set a solid trading range during December and January which can now be considered a double top formation with a broken neckline at 14.98. A slide underneath has led inside a falling wedge, which signals that the bearish trend is unsustainable and that bulls might regain control in the nearest future. With the rate currently targeting the bottom trend-line of the patter at 14.58, the next wave up could be critical as it can either let the rate pass 14.69 and extend a rally, or fail at the area to test the pattern's boundaries some more.
© Dukascopy Bank SA
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