Tripple Top HKDJPYHKDJPY the market has reached a triple top. Therefore it's time to sell. but wait for that support level indicated as a green horizontal line. make a SL at the top of the final two tops.
HKDJPY trade ideas
HKD/JPY 1H Chart: Channel DownThe 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.
HKD/JPY 1H Chart: Channel DownThe Hong Kong Dollar has weakened considerably against the Japanese Yen. Its latest fall started mid-July and resulted in the formation of a channel down. Moreover, the pair is likewise trading in a minor symmetrical triangle. The exchange rate, however, failed to reach the upper boundary of the latter in its last surge and consequently returned back at its bottom line circa 14.20. Thus, the given pattern may be breached to the downside next week. Despite bearish technical indicators, it is quite likely that the Hong Kong Dollar still manages to push higher until the upper channel boundary in the 14.28/32 area, reinforced by the 50% Fibonacci retracement. Nevertheless, the given currency still needs to surpass the 55-, 100– and 200-hour SMAs and the monthly PP near 14.28 along the way. If these levels halt the pair, a breakout is to occur even sooner.
HKD/JPY 4H Chart: Channel DownHKD/JPY 4H Chart: Channel Down
The Hong Kong Dollar is depreciating against the Japanese Yen simultaneously in medium-term and short-term descending channels.
The junior pattern represents a second rebound of the currency exchange rate from the upper trend-line of the senior formation.
It seems that in the early Wednesday morning the pair has already bounced off from a combined support level set up by the 200-period SMA and the weekly S1 at 14.3165.
Hence, the question of the day is whether the rate will manage to break through the junior channel‘s upper edge or it will make a rebound and continue to move downwards.
Due to the narrowness of this formation, the first scenario seems very possible.
However, even if it realizes, the surge most probably will be limited by the 55- and 100-period SMAs with the weekly PP at 13.4863.
Long on HKDJPYTrading this Price Action as a continuation off the Moving Average, not the signal I normally look for, but within my limits.
HKDJPY target calculationHKDJPY has broken the support last week, see the chart for where is it heading
HKDJPYI like trading this on the short side down to the trend line, it could break but why bother. Just get the easy pips to the trendline. If it breaks wait for a retest and hope back in.
