FxWirePro: USD/JPY bearish again as upside bias reverses

• USD/JPY fell sharply  on Thursday as drop was driven by safe-haven demand amid escalating tensions in the Russia-Ukraine conflict.

Russia launched an intercontinental ballistic missile from its southern Astrakhan region during a morning attack on Ukraine on Thursday

• Ongoing geopolitical concerns, fueled by the escalating conflict in Ukraine earlier this week, have dampened risk sentiment, driving demand for safe-haven assets like gold.

•Looking Ahead, investors are looking to Japan's October inflation data, due for release on Friday, for insights into the country's economic outlook.

• At GMT 11:34 the dollar was down 0.72 % at 154.53 against Japanese Yen .
 
•  Immediate resistance is located at 155.92 (Daily high), any close above will push the pair towards 156.96 (23.6%fib).

• Support is seen at 154.24 (38.2%fib) and break below could take the pair towards 154.00 (SMA 14).     

Recommendation: Good to buy around 154.70, with stop loss of 155.70 and target price of 153.50