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MXNJPY: watching the 9.39-9.40 area
Been watching $MXNJPY today and that 9.39-9.40 area on the upside seems to be holding. We bounced off it a couple of times earlier, and the day's high around 9.38791 is just shy of it. If we can't push through there convincingly, I'm thinking we might see a fade back towards the lower end of today's range, maybe even test the 9.35 support again. A clear break above 9.40, especially on decent volume, would obviously invalidate that view and suggest more upside might be coming.
1 comments · 1 points
That 9.39-9.40 area has been a brick wall for a bit now. If it breaks convincingly, I'm with you, otherwise a fade back to 9.35 seems likely given the lack of upside conviction.