The increasingly tense Russia-Ukraine crisis became the focus of the world continuing this week with financial markets also receiving a significant impact.
Clearly gaining an advantage in such a risky market situation are safe-haven assets and safe-haven currencies that are beginning to appreciate in value as a result of being attractive to anxious investors.
The US dollar is among those seen to dominate this week as a safe-haven currency in addition to being supported by the release of US inflation data last week which rose to a 40-year high.
Yet at the close of trading last week, although the US dollar was seen to manage to put pressure on some major currencies, the opposite happened against the Japanese Yen.
The yen managed to dominate over the king of the currency with the price movement on the chart of the USD/JPY currency pair plunging more significantly after the previously achieved rise.
Last Thursday, the price managed to continue its rise to the level of 116.300, a 5 -week high while testing the resistance zone that was reached in early January.
But on Friday, the price has made a decline again almost hitting the level around 115.00 before closing trading in the last session last week around 115.500.
The decline has also signaled for a change in the bearish trend with the price moving back below the Moving Aveerage 50 (MA50) barrier level on the 1 -hour time frame of the price movement on the USD/JPY chart.
Continuing the opening trade of the market this week, the price is flat below the 115.500 level with the expectation of a lower decline to the 114.700 level and the 114.300 support.
Meanwhile, for the upside, the resistance level at 116.300 will return to the target if the price goes up.
Breaking the MA50 barrier again will give an early signal for a reversal of the bullish trend.
