NZDJPY closes below its opening price unable to hold early session gains

Overview

NZDJPY ended the week 1.16% higher at 73.38 after losing 16 pips (-0.22%) today. Trading 22 pips higher after the open, the FX pair was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Volatility

Friday's trading range was 51 pips (0.69%), that's below last trading month's daily average range of 64 pips. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 72.96. Unable to break through the key technical resistance level at 73.67, the currency closed below it after spiking as high as 73.78 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.