Safe-haven currencies such as the Yen regained an advantage in the market this weekend with the market climate once again shrouded in risk with reports of developments in the Russia-Ukraine crisis.
As previously expected, the tensions that had eased earlier were only temporary when it was reported that Russian troops were getting closer to the Ukrainian border.
United States (US) President Joe Biden also saw Moscow only deliberately triggering the situation to find a reason to start a war on Ukraine.
With risk-off market sentiment, the Yen was among those that strengthened in Thursday's trading against several other major currencies in the market.
Like the strengthening against the Euro, the Yen has managed to push lower again on the chart of the EUR/JPY currency pair after there was a rise earlier in the week.
On Wednesday, the price managed to reach the level of around 131.900 but the bearish pattern reappeared in Thursday's trading yesterday to the level of around 130.500.
The level became a support level for the price before the price rebounded in the Asian session trading this morning (Friday).
Remaining a bearish trend signal, the price is still moving below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame with the expectation that the decline will continue before the close of trading this week.
The level up to 129.00 is seen to be the focus of the price if the continued risky market sentiment adds to the strength of the Yen to continue to push the price lower.
Meanwhile if tensions between Russia and Ukraine start to subside again, it is likely that a price hike could occur with the resistance zone around 131.600 to be tested again.
For a higher rise will push the price towards the zone around 132.00 or the resistance zone of 133.00 which the price reached last week.
