HKD/JPY 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The Hong Kong Dollar has been appreciating against the Japanese Yen recently, but ultimately entered a bearish pattern—the double top. Unable to overcome the 14.69 mark, the given pair is likely to give in and make its way back towards 14.60, namely the neckline, where only two options are available: either the HKD rebounds creating a possibility for a triple top, or end the pattern, with support shifting towards the 14.56 area—the 100-hour SMA. The bearish momentum is unlikely to stop there, with the main target being the 200-hour SMA around 14.50. However, technical indicators in all timeframes are in favour of the positive outcome, while 74% of all open positions are short the Hong Kong Dollar against the Yen.



  Level  Rationale     Indicator 1H 4H 1D
R4 14.90 January 19 high     MACD (12; 26; 9) Buy Buy Buy
R3 14.79/80 Weekly and daily R3s     RSI (14) Neutral Neutral Sell
R2 14.74 Daily R2     Stochastic (5; 3; 3) Sell Buy Sell
R1 14.70/71 Bollinger band; daily R1     ADX (14) Neutral Buy Buy
S1 14.66/65 Weekly R2; 20-hour SMA; daily PP     CCI (14) Neutral Neutral Sell
S2 14.63/61 55-hour SMA; daily S1; Bollinger band     AROON (14) Buy Buy Buy
S3 14.57/56 Weekly R1; daily S2; 100-hour SMA     Alligator (13; 8; 5) Buy Buy Buy
S4 14.53 Daily S3     SAR (0.02; 0.2) Buy Buy Buy
          Aggregate

Actual Topics

Subscribe to "Fundamental Analysis" feed

订阅
欲了解更多有关杜高斯贝银行差价合约/外汇交易平台,SWFX和其它相关交易详情,
请致电我们或要求回电。
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
欲了解更多有关杜高斯贝银行差价合约/外汇交易平台,SWFX和其它相关交易详情,
请致电我们或要求回电。
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.