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- MXNJPY, which we often refer as the EM carry trade, has been consolidating sharply in the past week amid recent rise in risk aversion.
- The pair is currently trading slightly above tis 100D SMA at 5.36, next support to watch on the downside stands at 5.33, which corresponds to the 61.8% Fibo retracement of the 4.23 - 6.01 range and the LT upward trending support line.
- A break below that level would open the door for a move down to 5.22 (200D SMA).
- On the topside, first resistance to watch stands at 5.46 (50D SMA), followed by 5.58 (June 9 high).