HKD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached a three-week peak on October 17, HKD/JPY faced strong selling pressure and was forced to reverse its trend to the south thus forming a channel down pattern, vacillating within which the pair hit a three-week low last Friday. Currently, the currency couple is trading closer to the upper boundary of the pattern, being both unable to surpass the daily pivot at 12.5916 and unwilling to fall below its 50-hour SMA at 12.5769 for the last six hours. As concerns future movements of the pair, technical indicators call for a decline in the short-term but are neutral in the longer time frame.
© Dukascopy Bank SA
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