HKD/JPY 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Once the currency pair completed a consolidation phase last year in October, HKD/JPY resumed the recovery. Later on this bullish tendency developed into an upward-sloping channel with the main resistance at 13.9725, where it is reinforced by the monthly R3 level, and the support at 13.1105, which is reinforced by an additional demand area at 12.9793, where the monthly S1 merges with the 200-day SMA.
And even though at the moment the technical indicators on all time-frames are mixed and the sentiment is rather bearish (71% of open positions are short), in the long-term the Hong Kong Dollar is more likely to outperform than the Japanese Yen.

© Dukascopy Bank SA
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