HKD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar is another currency, which has reversed its direction against the Japanese Yen, as the currency exchange rate broke out of the long term descending channel pattern and has formed an ascending channel. Most recently the currency pair broke the resistance put up by the 23.60% Fibonacci retracement, which connects the 2016 low level with the 2015 November high level. Due to that it is most likely that the rate is set to surge even further, as there are only minor resistance levels located on the path of the pair. However, the pair is already overbought, as 71% of open SWFX positions are long.
© Dukascopy Bank SA
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Mon, 31 Oct 2016 08:30:48 GMT

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