USD/JPY: The dollar plunged to a 5-month low, as investors raised expectations of a more accommodative Federal Reserve after St. Louis Fed President James Bullard stated a U.S. interest rate cut may be warranted soon as trade tensions and weak U.S. inflation posed risks to global growth. The major was trading 0.2 percent down at 107.88, having hit a low of 107.85, its lowest since Jan. 10.
Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. factory orders and Fed Chair Powell’s speech. Immediate resistance is located at 108.64 (38.2% retracement of 109.92 and 107.85), a break above targets 109.13 (61.8% retracement). 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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