USD/JPY: The dollar declined, retreating from a 1-week peak hit in the previous session, as increasing expectations the U.S. Federal Reserve could cut interest rates sometime in the next few months dented the bid tone around the major. The pair was trading 0.2 percent down at 108.32, having hit a high of 108.80 on Tuesday, its highest since May 31.
Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. consumer price index and monthly budget statement. Immediate resistance is located at 108.87 (50.0% retracement of 109.92 and 107.81), a break above targets 109.47 (78.6% retracement). On the downside, support is seen at 107.88 (June 3 Low), a break below could take it lower at 107.51 (Jan. 4 Low).
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