HKD/JPY 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
HKD/JPY remains in a strong down-trend since it topped out at 16.20 last year. And while the multi-month outlook on the currency pair is strongly bearish, the upside risks are growing. At the moment, the pair is trading right at the upper bound of the falling channel, and the negative bias is further reinforced by the weekly and monthly technical indicators. Moreover, the Hong Kong Dollar is overbought, as 67% of open positions are long. However, there are two major supports where the pair could potentially resume the 2013 - 2015 rally. These are the 50 and 61.8% retracements of this up-move, reinforced by the 2014 and August and October 2013 lows respectively.
© Dukascopy Bank SA
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