Downside risks have continued to pressure the New Zealand Dollar lower against the Japanese Yen. A breakout occurred through the lower boundary of an ascending channel pattern on February 25.
Given that a breakout had occurred, the NZD/JPY exchange rate will most likely continue to edge lower until it reaches the monthly S2 at 67.82 during the following trading sessions.
However, a support cluster formed by the weekly S3 and the monthly S1 at the 69.17 area could provide support for the currency exchange rate within this week’s trading sessions.
