The UJ pair has attracted some bearish buying near the 138.75 region, which is a new weekly low touched during today's Asian session.
As a result, the pair has partially recovered from the previous day's heavy losses and is currently trading around the 139.30 region, up nearly 0.30% on the day.
Furthermore, a slight rise in US Treasury yields supported the US Dollar to regain some positive traction following an overnight drop to two-week lows. This is expected to act as a headwind for the UJ pair.
However, fears of a global recession, especially in China, could benefit the safe-haven JPY and prevent any significant upside in the pair. #OPINIONLEADER#
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