HKD/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As HKD/JPY turned out to be unable to advance beyond the resistance at 13.60, bears took control of the currency pair. As a result, the price eventually breached the 200-period SMA and formed a down-sloping channel.
Right now the rate is fluctuating in proximity to the upper boundary of the pattern at 13.1436, which is reinforced by the weekly and daily pivot points. Accordingly, there is a good chance that the Hong Kong Dollar will fall from here down to the one-month trend-line at 12.80. This scenario is also supported by the four-hour technical indicators and the majority of the SWFX market participants—72% of them are bearish towards HKD/JPY.
© Dukascopy Bank SA
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