The New Zealand Dollar has surged by 168 pips or 2.44% against the Japanese Yen since September 24. The currency pair tested the 200– period simple moving average at 70.32 on October 6.
Currently, the exchange rate is trading near the upper line of a descending channel pattern at 69.91 and could be set for a breakout.
If the breakout occurs, a surge towards the 71.50 level during next week’s trading sessions.
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However, if the channel pattern holds, bearish traders could continue to dominate the currency exchange rate in the nearest future.
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