NZDJPY recently broke the support area lying between the support level 71.35 (low of the previous Hammer from the start of January), support trendline of the daily up channel from October and the 38.2% Fibonacci correction of the previous sharp upward impulse from November. The breakout of this support zone strengthened the bearish pressure on this currency pair. Given the moderately bearish New Zealand dollar sentiment seen across the markets today – NZDJPY is likely to remain under the bearish pressure and to fall further toward the next support level 70.60.