HKD/JPY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Duksacopy Bank SA
After falling from 12.494 on July 24, we have been observing the depreciation of the Hong Kong Dollar against the Japanese Yen. However, supported by better-then-expected data from the U.S. the pair surged to pattern's resistance, however, bulls was not able to penetrate this level and close above. However, the upcoming FOMC meeting is also expected to add some turbulence into markets, suggesting any signs of economic improvement in the world's largest economy and any hawkish signals from Bernanke, will push the pair higher.
© Dukascopy Bank SA
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