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Peso Continues To Trade With Downward Bias, MXNJPY Falls 1.85%

MXN
  • USDMXN (+0.91%) remains firm and has briefly made a new marginal high for the week at 19.1792.
  • The pair rallied sharply higher Monday extending the recovery that started last week and price is trading at its recent highs. The 20- and 50-day EMAs have been cleared and 19.00 has been breached.
  • The next key short-term resistance is at 19.2906, the Feb 6 high. A break would pave the way for strength towards the 19.50 handle and 19.5882, the Dec 30 high. 18.4707, the 20-day EMA, is the first support to watch.
  • Additionally, broad pressure on the Peso is most notable against the Japanese yen with MXNJPY (-1.84%) falling to weekly lows below 6.90 and will focus next on the February lows at 6.8464.
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