ZARJPY Range for Month-End: My 60% Shot at 9.90+

Been watching $ZARJPY bounce around. Currently sitting at 9.827, after hitting a day high of 9.867. My take for month-end, and I'd put the probability at roughly 60%, is that we see it breach the 9.90 mark. The carry is still compelling, and with the general risk-on sentiment holding up a bit better than some anticipated, I don't see any immediate catalysts to derail a slow grind higher. Of course, this is assuming no major global shockwaves or sudden shifts in EM sentiment, which, let's be honest, is always a precarious assumption. But if we avoid a black swan incident, the path of least resistance seems to be up for the pair. Anything below 9.75 would make me reassess that outlook pretty sharpish, but for now, I'm leaning bullish for the next few weeks.