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- Last week, Peru's central bank decided to raise it policy rate by 50bps to 1.50% to curb inflationary pressures, its third increase in two months.
- As a result, PEN has been consolidating sharply against major crosses following 6 months of depreciation.
- PENJPY has been retracing higher in the past week, breaking above key resistances (LT downward trending resistance level, 200DMA), and is currently trading at is highest level since the beginning of July slightly above 28.54 (50% retracement of the 26.52 – 30.56).
- Next level to watch on the topside stands at 29.02 (61.8% Fibo); on the downside, first support to watch stands at 28.30 (200DMA).