Watching MXNJPY around 9.25, possible range play
Hey everyone, just tossing out some thoughts on $MXNJPY today. I'm seeing it hover right around the 9.25 mark, which has been interesting. It's been pretty tight within that 9.249 to 9.255 range today. From a purely technical standpoint, if this current level holds, it could be a setup for a continuation of the recent chop we've seen. I'm not seeing strong directional momentum at the moment, so a range-bound strategy might be in play if we don't get a decisive break out of this recent narrow range.
My take is that a sustained break below 9.249 or above 9.255 would really invalidate that range idea. If we see price action start to trend outside these bounds on higher volume, then I'd likely be reconsidering the current sideways view. Always important to manage the risk on these smaller moves, as these things can turn quickly. Just my two cents, interested to hear what others are seeing.
9.25 on MXNJPY is basically noise. The spread alone would eat you alive trying to range trade that tight. You need a wider range or stronger conviction for a move.