HKD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
HKD/JPY currency pair has rocketed on October 25 and since then has been moving to the north only and has already moved more than 10,000 pips higher. On Friday there has been an attempt to penetrate the support line, however, bears were not strong enough and the has bounced back to 13.480. At the time being, aggregate technical indicators on three different timeframes are univocal and sending "buy" signals, pointing at further Yen's depreciation. Additionally, traders do not expect any changes in the trend, as 72% of them are opening long positions. Therefore, the outlook for the pair is bullish, and long traders can focus on a recent high and daily R1 at 13.5507.
© Dukascopy Bank SA
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