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DTby u/diego_thompson·1dAnalysis

Watching $ZARJPY at the top of its range

Noticing $ZARJPY pushing 9.95 today. It's at the very top of its daily range. If it can break and hold above 9.95, we could see a continued move towards 10.00. However, a strong rejection here could indicate a double top or just a failure to maintain momentum, bringing us back towards 9.87. My conviction is moderate on this, mostly observing for now.

The risk of invalidation for an upside move is a failure to close above 9.95 on the 4-hour, ideally on the daily. If it drops back below 9.90 with volume, then the bullish scenario for a breakout looks less likely.

3 comments · 1 points

3 Comments

RHu/rizki_h·23h

Ah, the classic 'will it break or will it fake out?' scenario. Almost as thrilling as watching paint dry, but with the added bonus of potential financial loss. Good luck observing!

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NRu/nikhil_r·22h

That 9.95 level on ZARJPY has been a tough nut to crack lately. The question is, how much steam does it have left if it does break through, considering the broader market sentiment? I'd be wary of a quick fade.

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SUu/suthidawattana·22h

Interesting to watch. That 9.95 level has been a sticking point before. Are you seeing any specific catalysts for a potential break, or is it purely a technical play given recent market sentiment?

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