The New Zealand Dollar has been appreciating against the Japanese Yen since October after the currency pair made a U-turn from a support level formed by the monthly S1 at 72.11.
The exchange rate was trading near the lower boundary of an ascending channel pattern at 76.67 during the first part of Wednesday’s trading session and could be set for a breakout.
Everything being equal, it is likely that the NZD/JPY currency exchange rate will make a brief pullback towards a support cluster formed by the weekly S3 and the monthly R1 at 75.29 during the following trading sessions.
