HKD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar is in an ascending short term channel against the Japanese Yen. The channel formed as a result of a rebound against a large scale channel's lower trend line. Afterwards, the pair managed to break the previously active medium term channel. Most recently, the rate passed the last notable resistance at 14.75, where the 200-period SMA is located. Due to this fact the way to the large scale descending channel pattern's upper trend line just below the 14.90 level is free from strong resistance levels. However, there is once last level of resistance, which has to be passed before the pair surges, as the monthly PP at 14.76 is still keeping the pair down.
© Dukascopy Bank SA
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