HKD/JPY 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
HKD/JPY has expressed weakness over the last year, containing its movements neatly in a channel down, which we do not expect to be breached just yet. Hovering just beneath the 55-day SMA, the weakness is currently held by support at 13.0587, 2014 lows, and a break below would trigger a sell-off until 12.2162 is reached, painting the technical picture even more bearish. If downside pressures fail to push the pair through this level, a bounce form it would leave little to the channel upper trend-line, putting a bullish reversal into the perspective. Strong support has been established at 13.8793, which should change up the game as well. Various resistance pressures right above the trend-line, could, however, put the pair back into the channel. Technical indicators show strength, while the SWFX sentiment index implies bulls to be expecting more gains than bears, sending mixed signals of the future trend in general.
© Dukascopy Bank SA
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