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MXNJPY likely to retest 9.385 before month-end, but upside limited
Watching $MXNJPY, currently at 9.343. I'd put 65% odds on a retest of the 9.385 high we saw today before month-end, purely on momentum given the recent dip buying. However, any sustained break above that looks unlikely without a significant shift in broader risk sentiment, which isn't on the cards with current rate expectations. There's just too much overhead resistance in the 9.40-9.45 zone, preventing a true breakout here.
1 comments · 1 points
I'm with you on the limited upside. That 9.40-9.45 zone has been a tough nut to crack for a while now. Do you see any specific event risk that could even temporarily push it there?