The New Zealand Dollar has diminished in trading range against the Japanese Yen during the past few weeks, thus forming a new junior descending pattern. The upper boundary of the junior channel was tested on June 13.
After hitting the weekly pivot point near the 75.19 mark, the NZD/JPY exchange rate reversed south.
Meanwhile, on the daily time frame, technical indicators are still strongly in favour of bearish sentiment.
Everything being equal, it is expected that bears continue to prevail in the market during the following trading session.
