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Early Bid Fades Away

JPY

USD/JPY ground lower at the start to the week, as the escalating Russia-Ukraine standoff took centre stage, prompting participants to flock into safe havens. Moscow's decision to recognise separatist "republics" in eastern Ukraine as sovereign nations ratcheted up tensions with Kyiv and the West, opening a new chapter in the ongoing crisis.

  • Yomiuri reported that Tokyo is in talks with Washington DC to join an international initiative to restrict semiconductor exports to Russia as part of sanctions, should Moscow decide to invade Ukraine.
  • USD/JPY extended losses in early Tokyo trade this morning, bottomed out at Y114.50 and clawed back losses, as initial risk-off moves across G10 FX space have been unwound.
  • The rate last operates at Y114.74, close to unchanged levels. Further recovery past Feb 15 high of Y115.87 is needed to bring key resistance from Feb 10/Jan 4 highs of Y116.34/35 into view. Conversely, a sell-off past Feb 2 low of Y114.16 would expose Jan 24 low of Y113.47, a key near-term support.
  • Looking ahead, focus moves to Tokyo CPI, due Friday.
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