HKD/JPY 30M Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Losing volume by the bottom boundary of the week-old symmetrical triangle, HKD/JPY showed slight weakness by touching the trend-line repeatedly. While we do expect the pair to continue its way inside of the pattern with 13.3959 being the next target, it might take longer to get there, based on the flatness of the motion. SMA signals remain in favour of a consolidation, clustering in the middle of recent movements, with crossovers both from the upside and downside. We look for a hitch at 13.3749 on the way up, with immediate support resting at 13.3453. In case the rate maintains its low volatility, it might fail at 13.3906 and complete the next wave at 13.3522 already.
© Dukascopy Bank SA
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