The New Zealand Dollar has been depreciating in a descending channel pattern against the Japanese Yen since the middle of July. The currency pair breached the 70.00 mark last week.
As for the near future, the exchange rate will most likely maintain trading the descending channel. Bearish traders could target the 69.00 level during the following trading sessions.
However, the weekly support level at 69.60 could provide support for the currency exchange rate in the shorter term.
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