NZD/JPY Bounces Off Support

The NZD/JPY currency pair bounced off the lower boundary of an ascending channel pattern at 76.35 on September 21. As a result, the New Zealand Dollar has surged by 173 pips or 2.26% against the Japanese Yen since this week’s trading sessions.

Given that the exchange rate has bounced off the support line, bullish traders could continue to pressure the price higher during the following trading sessions.

However, the currency exchange rate might encounter resistance at 78.60 within this session.