The New Zealand Dollar has declined by 303 pips or 4.23% against the Japanese Yen since last week’s trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern on June 18.
Given that a breakout had occurred, the exchange rate could continue to decline during the following trading sessions. The possible target for bearish traders would be at the 67.00 mark.
However, a support cluster at the 68.00 level could provide support for the currency exchange rate in the short-term.
