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Thoughts on ZARJPY and that 10.00 level
Been watching $ZARJPY pretty closely lately. It's been hovering around the 9.90 mark, with today's range showing it hit 9.955 at the high. The 10.00 level feels like a psychological barrier, but with the yen still looking a bit wobbly and some positive sentiment coming out of SA recently, I'm leaning towards it being tested relatively soon. I'd put the odds of seeing 10.00 touched by end of next week at about 60%. Not saying it'll hold, just a test.
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The yen's weakness has certainly been a factor, but betting on 'positive sentiment' from South Africa to push it past a key psychological level feels a bit speculative. We've seen that narrative before, and it often doesn't hold.