USD/JPY: The dollar surged, extending gains for the third straight session, after last week’s strong U.S. jobs data lowered expectations for a sharp Federal Reserve interest rate cut. Investors now focus on Federal Reserve Chairman Jerome Powell’s Congressional testimony, due on Wednesday and Thursday, as well as U.S. inflation data due later this week. The pair was trading 0.1 percent up at 108.53, having hit a high of 107.63 on Friday, its highest since Jun. 18. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. consumer credit change report. Immediate resistance is located at 108.80 (June 11 High), a break above targets 109.08. On the downside, support is seen at 107.81 (June 5 Low), a break below could take it lower at 107.24 (June 24 Low).
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