HKD/JPY Daily Update: July 24, 2012
AutoChartist | Jul 24, 2012 04:58AM ET
HKD/JPY has recently completed the Clear Triangle chart pattern identified on the daily charts. The overall Quality of this Triangle is rated at the 6 bar level as a result of the low Initial Trend (one bar), above-average Uniformity (7 bars) and near-maximum Clarity (9 bars). The completion of this Triangle continues the overriding long-term downtrend visible on the daily and the weekly HKD/JPY charts.
The last connecting point of the lower support trendline of this Triangle (point D on the chart below) formed when the pair reversed up from the support at the round price level 10.00 (former strong resistance which had previously reversed the pair down at the end of 2011, as is shown on the second chart below). Points D and B below enclose the well-formed ABC correction which is characteristic of the Triangle chart patterns. The aforementioned support at 10.00 should be broken for the pair to reach the Forecast Price calculated by Autochartist for this Triangle Breakout – 9.79.
The following daily HKD/JPY chart shows the technical price levels mentioned above:
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