The Hong Kong Dollar is trading against the Yen in two patterns simultaneously. The senior pattern is a channel down which was formed in early July.
As the rate failed to reach the lower channel boundary during its last three wave, the steepness of the lower line needed adjustment, thus demonstrating that a more accurate pattern for the given momentum is a falling wedge.
During its last wave, the rate managed to breach the 55-hour SMA from below, but halted at the 100-hour SMA. In case the rate manages to diminish its trading range within the aforementioned wedge, an upward breakout from the 13.95/14.00 area should follow.