HKD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following attacks at almost yearly highs of 15.24 in December 2016 and January, HKD/JPY put an end to the uptrend with a double top on the daily chart and went on to extend a slide. The pair was attempting to reverse from the bearish trend, but unsuccessfully, as channels were broken and a new—bearish one was recently established on the hourly chart. The pair has, however, just broken the upper boundary of the channel, which means that a rally – at least a short-term one – should come next. It appears that the pair has already undergone a retracement of the broken trend-line at 14.60 and the current weigh on the 200-hour SMA will be followed by a soar towards 14.63 and then 14.65, while ground lies at 14.60 and lower-14.59.
© Dukascopy Bank SA
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