Autochartist today identified the Key Support Level 10.1520 (of the type Approach) on the 4-hour HKD/JPY charts.
Autochartist rates the Significance of this Key Level at the 4 bar level, which reflects the 4 recent price reversals from this support. Points A and D below enclose the clear ABC correction to the preceding strong daily downward price impulse from the major resistance zone made out of the downward weekly price channel resistance trendline from the April of 2009 and the 38,2% Fibonacci Retracement of the previous weekly downward price thrust from the middle of 2010. The latest high (Point D) formed when the pair reversed down from the 38,2% Fibonacci Correction of the preceding daily downward price impulse from the aforementioned resistance zone.
HKD/JPY is expected to continue downward movement to the Key Support 10.1520.
The weekly HKD/JPY chart below shows the technical price levels described above:
