The New Zealand Dollar has continued to decline in a descending channel pattern against the Japanese Yen since the beginning of March. The currency pair declined by 633 pips or 9.58% in value during last week’s trading sessions.

The exchange rate is currently trading near a resistance cluster formed by the weekly R1 and the monthly S1 at the 66.06 area.

If the NZD/JPY pair breaks the resistance cluster, a surge towards the upper boundary of the descending channel pattern at 69.02 could be expected within the following trading session.

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However, if the resistance cluster holds, the currency exchange rate will most likely continue to slide lower in the shorter term.

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