HKD/JPY 1H Chart: Broadening Descending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar is moving in a broadening descending wedge pattern against the Japanese Yen. At the moment, the currency exchange rate has bounced off against the pattern's upper trend line at 13.0940, and it is moving lower. However, the pair is set to struggle with a support cluster on its way downward, as at 12.9700 the 2014 low level is located, and the first weekly resistance is placed at 12.9500 mark. In the meantime, aggregate technical indicators are forecasting a surge for the pair in the next hour. However, the indicators predict that the currency exchange rate will remain unchanged during Thursday's trading session. Moreover, the pair is oversold, as 75% of open positions are short on Thursday.
© Dukascopy Bank SA
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