The Kiwi’s movement against the Japanese Yen has been confined in a six-month channel down. Its upper boundary was tested on January 23 after which the pair began a period of decline. The New Zealand Dollar has likewise formed a junior descending channel in force since early 2018.
As apparent on the chart, the pair reversed from the 78.60 mark this morning and has since demonstrated a slight upward movement. It is likely that this direction persists during the following trading sessions until the combined resistance of the 100– and 200-hour SMAs, the weekly and monthly PPs and the 61.80% Fibo retracement is reached near 80.20. The upper boundary of the five-week channel is also located near this mark.
If looking at the following 24 hours, minor correction south is still possible.