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NZD/JPY 4H Chart: Breakout Likely To Occur

The New Zealand Dollar has edged higher by 5.30% against the Japanese Yen since the beginning of November. The currency pair tested the upper boundary of an ascending channel pattern at 72.72 during last week’s trading sessions.

Currently, the exchange rate is trading near the bottom border of the channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 200– period simple moving average at 70.37 could be expected during the following trading sessions.

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However, if the ascending channel holds, bullish traders could continue to dominate the currency exchange rate in the nearest future.

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