NZD/JPY Likely To Make A Pullback

Technical analysis of Forex market

Upside risks have been dominating the NZD/JPY currency pair since the beginning of October. The New Zealand Dollar has edged higher by 7.23% against the Japanese Yen during this period.

All things being equal, the exchange rate is likely to continue to trend higher during the following trading sessions. The potential target for buyers will be near the 84.00 level.

However, the currency exchange rate might make a brief retracement towards the 79.00 area in the short term.