HKD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
HKD/JPY exited the latest of a set of consecutive channel up pattern in an extensive surge, breaking the upper trend-line at 14.9941. We would look for a traditional retracement of the broken trend-line before a more extensive soar comes about. The rate is currently testing the upper Bollinger Band at 15.1666 and it could fail to break it and go into the correction phase. If the rate, however, manages to push through, 15.2742 will become the next target that could cut the gains. The ultimate target for now could be 16.2213, the June 2015 high – a level that has not been conquered for one and a half year.
© Dukascopy Bank SA
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