The New Zealand Dollar has declined by 197 pips or 2.75% against the Japanese Yen since last week’s trading sessions. The currency pair tested the lower boundary of an ascending channel pattern on July 30.
Currently, the exchange rate is trading near the bottom border of the ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 68.50 area could be expected during next week’s trading sessions.
However, if the channel pattern holds, the currency exchange rate will most likely edge higher next week.
