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MXNJPY: watching the 9.30 support
Been keeping an eye on $MXNJPY today and that 9.30 level is holding for now. We saw it bounce from 9.303 earlier after a bit of a dip. If it breaks below 9.30 convincingly, then my short-term outlook shifts to a move towards 9.25, possibly even 9.20. The risk, obviously, is if it holds this 9.30 and manages to push back above 9.33, which would suggest some underlying strength I'm currently not pricing in. Just observing for now, not jumping in until there's more clarity on that support.
1 comments · 1 points
It's a textbook setup at 9.30, but I wouldn't trust the bounce until it clears 9.33 more definitively. Below 9.30, 9.25 seems a given, but 9.20 is a stretch unless there's a wider market move.