JPYHKD breaks below Monday's low


Japanese Yen/Hong Kong Dollar (JPYHKD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

JPYHKD breaks below 200-day moving average for the first time since June 8th
JPYHKD falls to lowest close since June 8th
JPYHKD dominated by bears dragging the market lower throughout the day
JPYHKD closes lower for the 2nd day in a row
JPYHKD finds buyers again around 0.07179

Overview

Moving lower for the 2nd day in a row, JPYHKD ended the month -0.14% lower at 0.07179 after losing 26 pips (-0.36%) today. Today's close at 0.07179 marks the lowest recorded closing price since June 8th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 0.07184, the pair confirmed its breakout through the prior session low after trading up to 5 pips below it intraday.

Daily Candlestick Chart (JPYHKD as at Jun 30, 2020):

Daily technical analysis candlestick chart for Japanese Yen/Hong Kong Dollar (JPYHKD) as at Jun 30, 2020

Tuesday's trading range has been 31 pips (0.43%), that's below the last trading month's daily average range of 45 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JPYHKD.

One bearish candlestick pattern matches today's price action, the Black Candle.

The forex pair closed below the 200-day moving average at 0.07183 for the first time since June 8th. After having been unable to move lower than 0.07184 in the previous session, the market found buyers again around the same price level today at 0.07179. The last time this happened on June 26th, JPYHKD actually lost -0.36% on the following trading day.

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for JPY/HKD. Out of 345 times, JPYHKD closed higher 54.20% of the time on the next trading day after the market condition occurred.


Market Conditions for JPYHKD as at Jun 30, 2020

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