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Yen Catches Bid Amid Reports Of Fire At Major Ukrainian Nuclear Power Plant

JPY

USD/JPY has taken a hit amid reports of a fire at the Zaporizhzhia nuclear power plant in Ukraine as a consequence of intense shelling by Russian troops. The rate last trades at Y115.32, 15 pips lower on the day, as the news has inspired demand for safe haven assets.

  • Bears look for a sell-off past Feb 24 low of Y114.41 towards Feb 2 low of Y114.16. On the flip side, a clearance of Feb 15 high of Y115.87 would bring Feb 10/Jan 4 highs of Y116.34/35 into view.
  • Japan's unemployment rate unexpectedly edged higher to 2.8% in January from 2.7% prior. On the other hand, job-to-applicant ratio rose to 1.20 from 1.16, beating the median estimate of 1.15.
  • Next week, focus turns to cash earnings, BoP current account balance & Eco Watchers Survey (Tuesday), final GDP & flash machine tool orders (Wednesday), PPI (Thursday) & BSI Survey (Friday).
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