HKD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Tuesday the Hong Kong dollar / Japanese yen currency pair has been trading near the upper trend-line on the bearish channel. At the moment the pair is bound between the pattern's resistance from the upside and two simple moving averages from the south. The former one, however, is also reinforced by the weekly and monthly R1, which are not likely to let the pair rising. 
Even though hourly technical indicators are giving strong bullish signals right now, market participants have the opposite point of view. For the time being more than 72% of SWFX traders suggest the HKD will drop in value in the foreseeable future.

© Dukascopy Bank SA
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