HKD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
HKD/JPY is in its very early stages of a channel down pattern, but already shows strong consistency with the trend-lines. What makes us favour the downtrend even more is the bearish crossover between 55 & 100 hour SMAs which might facilitate the motion as investors seek to act upon the well-known signal. While a set of levels might cause hitches at 14.65, 14.63 and 14.61, 14.59 will likely be the major demand force unlikely to give access to levels beneath easily. An ultimate floor for a larger scale motion could be 14.41 where the February 28 low rests.
© Dukascopy Bank SA
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Tue, 07 Mar 2017 13:39:24 GMT

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