Watching $MXNJPY closely today. It's hanging around 9.35, right in the middle of yesterday's range. It feels like we're consolidating after that dip from 9.3791 earlier. I'm thinking we might see a short-term range play here, perhaps bouncing between 9.345 and 9.37. A sustained break below 9.345 would invalidate that idea for me, signaling further downside.
That's an interesting read on $MXNJPY. I'm curious what kind of volume you're seeing around 9.345 and 9.37. Is there anything in the order book supporting those levels as potential boundaries, or are you basing this purely on the recent price action?
9.345 is too tight for a breakdown confirmation on MXNJPY, especially after a dip like that. You'd likely get stopped out on noise before a real move starts.
Agree, it looks like a potential range trade setup. What's your take on the broader USD strength impacting this pair?
That's an interesting observation on $MXNJPY. What are you looking at to define the upper and lower bounds of that potential range? Are there any specific indicators you're using?