Peso To Test Resistance

The Chilean peso has continued to strengthen against the Japanese yen, following last week's break through the CLP6.0000/JPY level that we highlighted on October 16. Indeed, having broken out of the depreciatory trend channel, which had been in play since August, the peso now appears set for a move towards long-term resistance around CLP5.8000-5.9000/JPY, a break of which could presage further upside for the unit.

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