The New Zealand Dollar has been appreciating against the Japanese Yen since the beginning of October after the NZD/JPY exchange rate reversed from the lower boundary of a medium-term ascending channel pattern at 67.00. The pair has already gained almost 4.39% in value during this period.
From a theoretical point of view, some upside potential could likely prevail in the market until the currency pair would reach the upper channel line located in the 71.75 area.
However, note that the possible surge might not be immediate, as the currency exchange rate has to surpass the resistance level formed by the weekly R1 at 70.03.
