HKD/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar is trading in a descending channel pattern against the Japanese Yen. The interesting fact is that this channel is a result of the pair breaking out of a much steeper medium term descending channel. The breakout occurred due to additional support provided by the 38.20% Fibonacci retracement level, which is located at 14.5390. The Fibonacci retracement levels on this pair are measured by connecting the 2016 high and low levels. Most recently the rate found support in the previous descending channel's resistance line and began a surge. It is most likely that the surge will continue, as the currency pair is already oversold with 73.06% of trader open positions being short.
© Dukascopy Bank SA
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