HKD/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A formation of the rising wedge pattern started on August 23, when a stab to a three-week high of 12.7847 provoked a decline to a one-week low of 12.4851 hit on August 28. After that, the pair mainly followed a bullish trend, approaching a two-month of 12.9743, the mark that spurred a decline to the current level of 12.8865. Now HKD/JPY is trying to overcome the four-hour resistance at 12.8925; however, a looming crossover of short-and long-term SMAs is threating a further upside and may cause a plunge of the pair to the pattern's support at 12.8318 that if overcome will result in a sharp depreciation of HKD/JPY in the days to come.
© Dukascopy Bank SA
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Fri, 13 Sep 2013 13:37:10 GMT

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