Pattern: 1D Channel Up. Signal: Bullish if the Higher Low sequence on 4H holds. Target: 14.2500 (4H Resistance).
This pair is currently in an micro uptrend and still expecting it to see further upside What I plan on doin on this trade is ... Enter: 14.5719 Target: 14.76 Stop Loss: 14.4938
TP = 14.41427 hit as the 1W Channel Up (RSI = 56.437, MACD = 0.090, B/BP = 0.2883) rose to a 14.6150 Higher High. The price has since pulled back in order to price a new Lower Low, which should be near 14.200 (Highs/Lows = 0.0000). We will be going long on HKDJPY with TP = 14.600.
HKDJPY is rising having made a Higher Low on the long term 1W Channel Up (RSI = 59.227, MACD = 0.035, Highs/Lows = 0.0546, B/BP = 0.1578). We expect to crosse the pivot (blue dotted line) swiftly as the buying pressure on 1D (RSI = 60.972, overbought on 3) accelerates. Consequently we are going long, TP = 14.41427 (previous Higher High) and 14.51650 (potential new...
HKDJPY is currently testing the 14.19330 Resistance on the 1D Rectangle (MACD = 0.029, Highs/Lows = 0.0662, B/BP = 0.1221). Initiating a short, TP = 13.93664.
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...
HKDJPY has broken the support last week, see the chart for where is it heading
The Bulls are driving the HKD to impressive levels against the JPY. Do not sell into this move. Look to buy into a correction. Momentum is with the trend. Trade the action and wait for a pull back.