The New Zealand Dollar has broken the support of the previously drawn too narrow pattern against the Japanese Yen. However, the newly booked high level can be useful.
Our analysts used is as a reference point of the upper trend line of a medium term channel up pattern. The new pattern reveals that the currency exchange rate was facing additional support on Tuesday morning near the 0.78 mark. Moreover, during the next trading sessions, the trend line was set to join and support the monthly R1 near the 0.78.50 level.
Due to these reasons this pair is highly possibly going to soon reverse its direction and resume to surge.
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