The market sentiment is downbeat as the Ukraine – Russia war escalates as Western countries impose harsh sanctions on Russia.USD/JPY Technical Outlook: Despite falling in the day, the pair is upward biased and could probe the YTD high at 116.35 in the short term.
Hence, the USD/JPY first resistance would be February 25 daily high at 115.75. Breach of the latter would expose the 116.00 mark, followed by the YTD high at 116.35.
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