The New Zealand Dollar has declined by 9.57% in value against the Japanese Yen since February 24. The currency pair tested the lower boundary of a descending channel pattern at 64.31 on March 9.
Given that the 50-, 100– and 200– period SMAs are above the price level, bearish traders could continue to pressure the exchange rate south within the following trading sessions.
However, the NZD/JPY currency exchange rate is likely to make a slight upward movement within this week’s trading sessions.
