USDJPY Head & Shoulder Neckline Breakout level @ 133.0
USD/JPY struggles for a firm direction, stuck in a range around 133.00 mark
Growing worries about a deeper global economic downturn drive some haven flows towards the Japanese Yen (JPY), which, along with the prevalent US Dollar (USD) selling bias, act as a headwind for the USD/JPY pair. It is worth recalling that the International Monetary Fund (IMF) trimmed its 2023 global growth outlook on Tuesday, citing the impact of higher interest rates. Furthermore, the mixed Chinese trade data released earlier today adds to worries that the post-COVID recovery in the world's second-largest economy is losing steam.
Growing worries about a deeper global economic downturn drive some haven flows towards the Japanese Yen (JPY), which, along with the prevalent US Dollar (USD) selling bias, act as a headwind for the USD/JPY pair. It is worth recalling that the International Monetary Fund (IMF) trimmed its 2023 global growth outlook on Tuesday, citing the impact of higher interest rates. Furthermore, the mixed Chinese trade data released earlier today adds to worries that the post-COVID recovery in the world's second-largest economy is losing steam.