USD/JPY: The dollar plunged to a near 5-month low as heightened U.S.-China trade tensions and Washington’s threat of tariffs on Mexico stoked worries of a global recession. The major was trading 0.1 percent down at 108.12, having hit a low of 108.07, its lowest since Jan. 14. 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 108.50 (23.6% retracement of 109.92 and 108.07), a break above targets 110.36 (May 23 High). On the downside, support is seen at 107.77 (Jan. 10 Low), a break below could take it lower at 107.51 (Jan. 4 Low).
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