NZD/JPY was the best performer this week but it failed to break out
A look at this week's FX performance
The New Zealand dollar was the top performer this week while the yen lagged. The classic risk-on trade outperformance was reflected in US stocks, which are on track for their best week in the past month-and-a-half.
Aside from the outperformance in antipodeans, the moves in FX weren't large. It felt like a poor week for the pound but that was because of the weakness on negative rate talk late in the week compared to the plunge last Friday (and rebound Monday).
As for NZD/JPY the 3% gain only wipes out the decline from a week ago. It's also fallen the past two days after a strong start to the week. Technically, it wasn't able to bust out of the range where it's been stuck for nearly two months now.
This kind of range trade is a similar story on so many charts at the moment and they're all sitting close to a possible break but are going to need some kind of positive nudge to get there. If not, it will be a quick trip back down.