HKD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar recently rebounded against a large scale ascending channel pattern's lower trend line against the Japanese Yen. As a result the currency exchange rate has begun a short term surge. However, this pattern will not be active for long, as a medium scale pattern, which will guide the rate to the most dominant pattern's resistance line, is set to form in the near future. Although, it is quite possible that the ascending channel will remain in force until the currency exchange rate reached the 14.95 level, where the 23.60% Fibonacci retracement level is located at. The Fibonacci retracement levels for this pair are measured by connecting the 2016 high and low levels.
© Dukascopy Bank SA
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