HKD/JPY 1D Chart: Channel Up

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Source: Dukascopy Bank SA
Following a slight break below the 2015 low at 8.1519 - the lowest level of all time, HKD/JPY set a new ultimate support at 8.0680 and sketched a channel up pattern on the daily scale to lead it up above the area. The pair was trading mid-pattern but has now neared the upper trend-line by kicking off the week with a prominent gap. With the movement being directed to the downside, the expected path might now be shifted to the bottom bound around 8.2557 or could lead to a slip towards the previous level around 8.3525 from where a continued wave south until 8.4996 could emerge.
© Dukascopy Bank SA
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