Bullish momentum has been dominating the New Zealand Dollar against the Japanese since the end of October. This sentiment began on October 26 and had since driven the currency pair towards September swing high of 75.50.
The exchange rate tested a resistance cluster formed by the combination of the weekly and the monthly PPs near the 75.29 area during the morning hours of Friday’s session.
Given that the NZD/JPY currency exchange rate has breached the resistance cluster as mentioned above, the next target for bullish traders will be near the upper boundary of an ascending channel at 76.28 during the following trading sessions.
