Daily Forex Update: HKD/JPY
AutoChartist | Dec 29, 2011 07:33AM ET
HKD/JPY has recently completed the Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level which reflects the following values of the individual contributing Quality indicators: maximum Initial Trend (rated at the 10 bar level), significant Uniformity (7 bars) and lower Clarity. This chart pattern continues the prevailing downtrend visible on the daily and the weekly HKD/JPY charts. The bottom of this Triangle (point C on the chart below) formed when the pair reversed up from the strong level of support at 9.7324, identified previously by Autochartist (as is shown on the second, Key Levels chart below). The pair is expected to fall further in the direction of the Forecast Area set between price levels 9.66 and 9.86.
As can be seen form the following daily Key Levels chart for HKD/JPY, the pair has previously reversed up from the horizontal support level 9.7324, identified by Autochartist. The pair is expected to decline further for a re-test of this support level, which is also indicated the fact that the lower boundary of the above Forecast Area (9.66) stands below 9.7324.
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