The #USDJPY price could move lower this week as tensions rise between Russia and Ukraine.
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The USDJPY price could continue to move lower this week as the war between Russia and Ukraine intensifies. This week the headlines surrounding the situation have pushed the market to a risk off environment. Recent news that Vladamir Putin has put his nuclear forces on standby which is a significant step in this conflict. With many world leaders condemning Putin’s actions and even imposing sanctions that will cripple the Russian economy. These sanctions could push Putin into a corner where he may act out of character which could add further uncertainty in the markets.
USDJPY remains capped at the weekly highs and whenever the price enters this area we see sellers enter the market. The JPY will likely strengthen on this uncertainty and the price is suggesting it will by the 4hr time frame forming a fresh lower low. If the price returns back to the supply zone and forms bearish price action we could look for short opportunities down to the weekly swing lows.
Have you seen our week ahead analysis video this week? if not you can see it here.
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