Watching $ZARJPY at the high end of its range
Been keeping an eye on $ZARJPY today. We're currently trading around 9.945, right at the top of the day's range of 9.871–9.95. It's approaching a level that has historically offered some resistance, and I'm curious if we'll see a break or a rejection here. A sustained push above 9.95 could signal further upside, but a failure to hold this level could see a pullback towards the mid-range. For now, I'm just watching for conviction one way or another.
My primary concern would be a decisive close above the daily high, which would invalidate the current range-bound sentiment I'm observing and likely open the door to new highs. Conversely, a sharp reversal from here, especially if accompanied by increased volume, would suggest that the resistance is holding firm.
Seems like a fairly tight range to be making strong predictions. Are you watching any other indicators for confirmation, or just the price action at those specific levels?