The New Zealand Dollar has surged by 261 pips or 4.11% against the Japanese Yen since this week’s trading sessions. The currency pair tested the upper boundary of a long-term descending channel pattern at 66.10 on May 20.
As for next week’s trading sessions, the NZD/JPY exchange rate will most likely make a pullback towards the monthly pivot point at 64.96.
However, given that the currency exchange rate is currently trading near the upper line of the long-term descending channel pattern, a breakout could occur within the following trading sessions.
