HKD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Yesterday, the HKD/JPY currency pair reached the upper boundary of the bearish channel and since then it has been depreciating. At the moment the only obstacle for the pair on its way to the lower trend-line is represented by the daily S1 at 15.16, which is not assumed to hold the Hong Kong's dollar from losing value for a long period of time. Hourly technical studies are giving mild bearish signals, meaning that in the foreseeable future the cross will eventually reach the pattern's support. However, as forecasted by the vast majority (74%) of SWFX market participants and daily technical indicators, later the HKD is likely to commence a period of recovery against the Japanese yen.
© Dukascopy Bank SA
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