HKDJPY closes lower for the 2nd day in a row


Hong Kong Dollar/Japanese Yen (HKDJPY) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

HKDJPY closes lower for the 2nd day in a row
HKDJPY closes within previous day's range after lackluster session

Overview

Moving lower for the 2nd day in a row, HKDJPY ended the week unchanged at 14.13 after losing 1 pip (-0.07%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (HKDJPY as at Feb 14, 2020):

Daily technical analysis candlestick chart for Hong Kong Dollar/Japanese Yen (HKDJPY) as at Feb 14, 2020

Friday's trading range has been 3 pips (0.21%), that's below the last trading month's daily average range of 6 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HKDJPY.

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Prices are trading close to the key technical support level at 14.11 (S1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might speed up should prices move above the nearby swing high at 14.18 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 14.11 where further sell stops could get triggered. With prices trading close to this year's high at 14.19, upside momentum might speed up should the market be able to break out to new highs for the year.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for HKD/JPY. Out of 842 times, HKDJPY closed lower 50.00% of the time on the next trading day after the market condition occurred.

With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more


Market Conditions for HKDJPY as at Feb 14, 2020

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