The New Zealand Dollar has declined by 202 pips or 3.07% against the Japanese Yen since May 1. The currency pair breached the 50-, 100– and 200– period SMAs during this period.
The exchange rate is currently trading near a support cluster formed by the weekly S1 and the monthly S1 at the 63.85 area.
Technical indicators suggest that the currency exchange rate could continue to edge lower during the following trading sessions.
However, if the support cluster, as mentioned above, holds, bullish traders would aim for the 64.50 marks within next week’s trading sessions.
