(defun term-send-M-p ()
"Type M-p in `term-mode'."
(defun term-send-M-n ()
"Type M-n in `term-mode'."
(define-key term-raw-map (kbd "M-p") #'term-send-M-p)
(define-key term-raw-map (kbd "M-n") #'term-send-M-n))
term-send-down by default, which tries to do the same as pressing the arrows in a terminal. IIRC,
multi-term has an elaborate binding override mechanism, which you may have to use instead of plain