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PLNJPY Consolidates Sharply Amid PLN Weakness

  • PLNJPY has been retracing sharply lower in recent days after reaching a local high of 30.19 last week.
  • The sharp JPY depreciation in the first half of April pushed the ‘risk on’ pair above the 30.0860 last week (Nov 2018 high) .
  • Even though the strong policy divergence should continue to support PLNJPY in the medium term, Poland is very sensitive to the Russia/Ukraine uncertainty and the renewed geopolitical tensions have been weighing on CEE currencies and supporting the US Dollar.
  • PLNJPY is testing its 29.46 support; a break below that level would open the door for a move down to 29.
  • On the topside, main resistance to watch remain at 30.19.

Source: Bloomberg/MNI

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