USD/JPY: The dollar rallied to a 1-1/2 week peak as risk sentiment improved after U.S. President Donald Trump at the end of the meeting with Chinese President Xi Jinping in Japan stated that he would hold back on tariffs and that China will buy more farm products. The pair was trading 0.4 percent up at 108.30, having hit a low of 106.78 on Tuesday, its lowest since Jan. 3. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. construction spending and manufacturing PMI from both Markit and ISM.
Immediate resistance is located at 108.80 (June 11 High), a break above targets 109.08 (Jan. 8 Low). On the downside, support is seen at 107.81 (Jun. 5 Low), a break below could take it lower at 107.24 (June 24 Low).
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