HKD/JPY 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
What appeared to be a channel down pattern turned into a rectangle after HKD/JPY failed to establish a double bottom at 14.51 and set a trading range with resistance at 14.87. The pair has just bounced off the floor of 14.51 and will be attacking the upper target after tests of 14.65/72 have been executed. The area is likely to steal a lot of momentum and flatten the motion. In case the pair sticks to the bottom trend-line and does not manage to push through the cluster of resistances, bears might use the opportunity to break the bottom bound of the range.
© Dukascopy Bank SA
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