HKD/JPY 1H Chart: Channel Down

The Hong Kong Dollar has formed a channel down against the Japanese Yen in force since early July.

The rate failed to reach the lower boundary of the channel down during its last wave south, suggesting that the sentiment may soon change in favour of bulls. A confirmation of this move could be provided when the rate moves above the 55-, 100– and 200-hour SMAs near the 13.99 mark.

Gains could be limited by three weekly pivot points . Meanwhile, the upper limit is likely to be the monthly PP at 14.48 in case strong upside risks dominate the market.
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