Mexican Peso Forecast at Inflection Point - Levels for MXN/JPY, USD/MXN Advertisement Mexican Peso Outlook: Rising US Treasury yields have proved a nuisance to EM FX rates, with USD/MXN breaking through its pandemic downtrend and returning to the 61.8% Fibonacci retracement of its 2020 low/high range. MXN/JPY rates, however, have proven rather resilient, and have rebounded from their pandemic uptrend and the 50% Fibonacci retracement of its 2020 high/low range. We can use the IG Client Sentiment Index for USD/CAD rates as a close proxy for USD/MXN exposure, which has a mixed bias. Mexican Peso Hampered by Rising Yields