HKD/JPY is moving up inside the high Clarity Ascending Triangle chart pattern on the daily chart. The Quality of this chart pattern is rated at the above average 6 bar level as a result of the following values of the Quality indicators: low Initial Trend (measured at the 4 bar level), stronger Uniformity (6 bars) and high Clarity (8 bars). High Clarity of this chart pattern reflects stronger agreement among the market participants regarding the current upward direction of this currency pair. The price has recently reversed from the support level at 10.50 forming the second connecting point for the lower support line of this chart pattern. The 10.50 support level stands very close to the strong support at 10.40 which reversed the pair two times before the formation of this chart pattern. The price is expected to rise further in the coming sessions.
Autochartist has also identified the high Quality Triangle chart pattern on the daily charts. The high Quality of this chart pattern (measured at 8 bars) is mostly the result of the maximum Initial Trend value (10 bars). The price has just reversed sharply from the support area close to the lower support line of this Triangle - reflecting the strengthening of the bullish pressure on this currency pair.
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