The price movement of the NZD/JPY exchange rate has been constrained by a junior ascending pattern. The currency pair re-tested the lower boundary of the ascending channel during the early hours of Monday’s trading session.
A support level set by the weekly pivot point at 76.37 was providing support for the rate at the time of this analysis.
Everything being equal, it is likely that the currency exchange rate could bounce off the bottom border of the aforementioned ascending pattern and strengthen within the following trading sessions. Furthermore, bulls might target a strong resistance cluster at the 77.62 mark.
