Watching $ZARJPY at the 9.90 Level - What's Next?
Been keeping an eye on $ZARJPY today, specifically around that 9.90 mark. We saw it flirt with 9.947 earlier and dip to 9.879, but it's largely been consolidating right around 9.907. To me, this level feels like a bit of a battleground. On one hand, you have the retracement from yesterday's move, but on the other, there's clearly some support or at least a pause in momentum building up right here. I'm wondering if we see some further consolidation before a clear break, or if this is the start of a re-evaluation for the pair.
From a technical perspective, if we see a sustained push below 9.870, that would certainly invalidate the current hold I'm observing and suggest further downside is in play. Conversely, a clear close above 9.950 would probably put the previous highs back into focus. It's a tricky spot, and I'm not looking to make any big calls yet, but definitely watching for how this 9.90 pivot resolves itself over the next few sessions. What are others seeing in $ZARJPY?