Can you link an NTFS junction point to a directory on a Network Attached Storage?

I'm using Windows, and I want to use Dropbox to back up a folder outside my Dropbox directory. So I want to create a junction point from my target directory to my Dropbox folder. According to the NTFS Junction Point article on Wikipedia, also linked from the Dropbox answer:

Junction points can only link to directories on a local volume; junction points to remote shares are unsupported.

I am looking to link to a directory on networked attached storage, which would not be a local volume, I believe. What should I do?

The only thing you can do is create a symbolic link.

You may be able to fake it with a combination of symbolic links and networking mapping with the subst and mklink tools, though obviously mklink is unavailable on Windows XP. This will work for user navigation purposes, but if software explicitly blocks network paths and checks for maps directing to them, it probably will detect this workaround and fail to traverse the directory in question.

subst M: \\COMPUTERNAME\SHARENAME
mklink /D C:\Users\John\Dropbox\MyFakeFolder\ M:\

Since the symbolic link itself does not contain a UNC path, you will be able to navigate to this folder in the command line without any problems, etc.