USD/JPY Up, As Markets Monitor the Situation in Ukraine



Russian President Putin recognized two separatist territories in East Ukraine yesterday [1] and as per Interfax, the Russian military will perform "peacekeeping functions" [2].

Ukrainian President Zelensky believes that a broad escalation on the part of Russia will not happen [3].

Western powers condemned the Russian move and are already planning sanctions. EU Commission President Ms von der Leyen twitted that "A first package of sanctions will be formally tabled today" [4] and the UK government published a set of measures .

The Japanese Yen declines today as markets try to brush off yesterday's risk aversion, but the situation remains tense, which could limit the pair's the upside. USD/JPY returns above its EMA200 and this gives it the opportunity to push for mid-115.00s, but January's multi-year highs are distant (116.35).

Despite today's perky mood, the greenback is vulnerable to a retest of the lower border of the daily Ichimoku Cloud (at around 114.40-50). The cloud had lent support over the previous days as we expected and fresh catalyst will likely be required for bigger decline towards and 114.14.

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Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.



Retrieved 22 Feb 2022


Retrieved 22 Feb 2022


Retrieved 22 Feb 2022


Retrieved 22 Feb 2022


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