The New Zealand Dollar has declined by 190 pips or 2.63% against the Japanese Yen since the beginning of September. The currency pair tested the lower boundary of an ascending channel pattern at 70.00 on September 10.
The exchange rate bounced off the bottom line of the channel pattern during Thursday’s trading session. Most likely, the NZD/JPY pair could continue to surge in the ascending channel pattern in the nearest future.
However, the 50– period simple moving average at 71.15 could provide resistance for the currency exchange rate during the following trading sessions.
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