HKD/JPY is moving down inside the high clarity long-term Triangle chart pattern identified by Autochartist on the daily charts. The Clarity of this chart pattern is rated at the high 9 bar level. The length of this chart pattern is equal to 223 days which reflects the consistency of the bearish pressure on the pair that has been affecting it for the last few months (as well as extending back in time to the middle of the 2007). The price has recently reversed back down from the 61,8% Fibonacci Retracement of the latest down impulse - forming the second connecting point for the upper resistance line of this chart pattern. The pair is expected to continue falling in the coming sessions.
The Autochartist has also identified earlier a smaller-scale Triangle using the closer reversal point for the upper resistance line. The fact that the two upper resistance lines of these Triangles converge on the same level increases the chances that the downtrend will continue in the nearest time.
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