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- PLNJPY keeps rejecting its 29 resistance, 2020-2021 high and the 50% retracement of the 2018-2021 range.
- A break above that level would open the door for a move up to 29.50 (high of the upward trending channel); key resistance at 30 (61.8% Fibo).
- On the downside, levels to watch remains at 28.39 (50D SMA), followed by 28.23 (100D SMA).
- Since the beginning of April, PLN has remained strong against major crosses, recovering sharply from its March depreciation.
- While the NBP is expected to keep its benchmark rate steady tomorrow (May 5) at 0.1%, rising inflationary pressures could eventually lead to further steepening of the yield curve and potentially weaken the PLN.