The NZD/JPY currency pair bounced off a support level at 76.50 on October 1. As a result, the New Zealand Dollar surged by 1.22% against the Japanese Yen during this period.
All things being equal, the exchange rate could continue to edge higher. A breakout through the upper boundary of a descending channel pattern could occur during the following trading sessions.
However, if the channel pattern holds, bearish traders might target the support level at 76.25 next week.
