The New Zealand Dollar is currently trading in a narrow ascending channel pattern against the Japanese Yen. The Currency pair has edged higher by 5.46% since May 18.
As for the near future, the exchange rate will most likely continue to trade in the narrow ascending channel pattern. The potential target for the NZD/JPY pair would be near the 68.50 area during the following trading sessions.
However, a resistance cluster formed by the weekly R1 and the monthly R1 near the 67.00 level could provide resistance for buyers in the shorter term.
