HKD/JPY 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The HKD/JPY currency pair is trading in the boundaries of double top pattern since beginning of this month. After forming the second top, the Hong Kong dollar is losing value versus the Japanese yen. At the moment the pair is testing strength of the daily S1 support line at 14.81, which is reinforced by 55 and 100-hour SMAs from above. The future development of the cross will be determined by its ability to overcome this demand area and reach the lower trend-line. In case of successful bounce back from it, the pair will in a good position to form the triple top pattern. Otherwise, it is likely to decline substantially, as assumed by 60% of market participants, who hold short positions for the time being.
© Dukascopy Bank SA
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