HKD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having approached a five-year high of 13.5999 in the beginning of the year, the Hong Kong Dollar halted its appreciation against its Asian counterpart and slid to almost a two-month low of 12.9768. After that, HKD/JPY has been paring losses and commenced formation of the channel up pattern late February.
At the moment, the currency couple is struggling at the lower limit of the 138-bar long tunnel that if broken may provoke a sharp decline. However, now the breakout seems unlikely as the 50-hour SMA at 13.2993 sitting at the lower boundary represents a strong support zone.
© Dukascopy Bank SA
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