HKD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy BanK SA
After trading in consolidation for two months, the HKD/JPY currency pair appears to have entered a recover trend, namely an ascending channel. At the moment the pair keeps testing the channel's support line, a breach of which will doubtfully trigger a sharp sell-off, as a rather strong cluster of supports rests around 15.7700. Even in case this area gives in, another strong demand area lies around 15.6921, namely the 100-period SMA. In case the pattern gets confirmed and the exchange rate rebounds, the pair would have to overcome the obstacle in face of the monthly R2 in order to extend gains and reach the upper border. Traders, however, have a negative outlook, as 64% of them are short the HKD.
© Dukascopy BanK SA
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