USD/JPY: The dollar slumped after rising for two straight sessions, as investors remained cautious ahead of the Federal Reserve’s interest rate meeting. Moreover, concern over the protracted trade war between the United States and China further supported the bid tone around the Japanese yen.
The pair was trading 0.2 percent down at 108.30, having hit a high of 108.72 the day before, its highest since June 11.
Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. building permits and housing starts.
Immediate resistance is located at 108.80 (June 11 High), a break above targets 109.08 (Jan. 8 High). 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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