The New Zealand Dollar has surged by 227 pips or 3.30% against the Japanese Yen since last week’s trading sessions. A breakout occurred through the upper boundary of a descending channel pattern on August 26.
Given that a breakout had occurred, the NZD/JPY exchange rate could continue to edge higher during the following trading sessions. The potential target will be at the 72.00 level.
However, the currency exchange rate is expected to make a brief pullback towards the 200– period SMA at 70.05 in the shorter term.
