NZD/JPY 4H Chart: Could continue to decline

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

The New Zealand Dollar has depreciated about 3.5% in value against the Japanese Yen since mid-September.

As apparent on the 4(H) chart, the exchange rate is trading near the upper boundary of a descending channel pattern at 67.60.

Given that the NZD/JPY currency pair is near the upper line of the descending channel, a breakout could occur in the nearest future.

Although, a resistance cluster formed by the combination of the 100– and 200– hour SMAs at 67.87 could pressure the currency exchange rate lower during the following trading sessions.

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