NZDJPY closes below its opening price unable to hold early session gains
New Zealand Dollar/Japanese Yen (NZDJPY) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for New Zealand Dollar/Japanese Yen
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