HKD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair of two Asian currencies, HKD/JPY, has been following the up-trend since mid-February. However, the climb performed within the boundaries of the rising wedge pattern has been too mild to help the pair to recover losses after it plunged to almost a four-month low of 12.9745 early February.
At the moment, the pair is hovering above the short and long-term SMAs, albeit slightly. In fact, disposition of the SMAs is fuelling worries about a possible sell-off since the 50-hour SMA at 13.1854 is on the verge of diving below the 200-hour SMA at 13.1841 thus forming a ‘death cross'.
© Dukascopy Bank SA
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