The New Zealand Dollar has been trading in a one-month ascending channel against the Japanese Yen after the currency pair bounced off the lower boundary of a dominant channel.
The NZD/JPY exchange rate continues to maintain its ascending pattern and is gradually moving upward for a test of the upper boundary of the dominant descending channel. Meanwhile, the currency pair has moved past a strong resistance cluster formed by the combination of the weekly and the monthly pivot points near the 78.55 mark.
The overall market sentiment is bullish, therefore, the pair is likely to continue its upside movement during the following trading sessions.
