The New Zealand Dollar has declined by 4.31% against the Japanese Yen since last week’s trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern this week.
Given that a breakout has occurred, bearish traders are likely to continue to drive the exchange rate lower during the following trading sessions. The potential target NZD/JPY pair will be near the 74.00 level.
Although, the currency exchange rate is expected to make a brief pullback towards the 77.00 level next week.
