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ZARJPY testing 10.00 after SARB comments
The South African Reserve Bank's recent comments on persistent inflation pressures have certainly put some upward pressure on $ZARJPY today, pushing it above 9.996 and testing that 10.00 level. It's interesting to see if this has legs, especially with the day range already hitting 10.007. I'm keeping an eye on whether this holds or if we see a reversion back towards the 9.894 support. Not convinced this is a durable move without further catalysts.
1 comments · 1 points
The ZARJPY often sees these kinds of spikes on news, but follow-through can be inconsistent. That 10.00 level is psychological; breaking it with conviction is another matter entirely.