HKD/JPY 2H Chart: Symmetric triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The hourly chart shows a symmetrical triangle pattern for the HKD/JPY currency pair. The pair has been bouncing between the trend-lines for nine days already, with a continuation of the downtrend on the horizon. The rate is also bound by a channel down in the daily chart, where it is making its way South with an upcoming crucial test of the 12.1427 (June 2013 low) level which might serve as a trend breaker for the currency. In order to reach the bottom trend-line of the channel, the pair must overcome support at 12.7935 which corresponds to the June 28 low. The 55-period SMA has crossed the 100-period SMA in Q3on the weekly chart, confirming the bearish trend in long term. Upward short term expectations, however, do not rule out a rise in the rate, putting the 200-period SMA at 12.9715 to test first, followed by the upper trend-line and the 23.60% Fibonacci level (for the Nov 2015 - June 2016 fall) at 12.9908.
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