HKD/JPY 4H Chart: Ascending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At first glance the chart for the HKD/JPY currency exchange rate might seem simple. However, there are underwater rocks, which can be seen only on the massive scale charts, by looking at a five year long past. The pair is in the process of forming the second shoulder of a head and shoulders pattern, which has been active for a couple of years. In addition, the rates movements can be easily predicted by using the Fibonacci retracement levels, which are measured by connecting the 2011 low and 2015 high levels. Although, on a smaller scale the rate is surging in two ascending channel's as the currency pair surges to new height in the second shoulder. However, the smaller pattern is set to become obsolete, as the rate will bounce off the resistance put up by the medium size channel.
© Dukascopy Bank SA
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