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USDJPY : Yen Strengthening on Geo Political Crisis

Japanese Yen is again gaining its safe haven status today after the Geo political tensions in Ukraine and in Vietnam continued. Demand for safe haven was boosted after the tension between Ukraine government forces and pro-Russian separatists resulted in the death of a Ukrainian soldier. On the other hand anti-Chinese protests continued in Vietnam after a territorial dispute over the South China Sea. Where there is some political crisis, the demand for safe haven like Yen or Gold rises. On Wednesday, Fed is going to release monetary policy meeting minutes which will further provide the insight about the economic recovery. 

On the Daily chart, we can see that the pair have broken the key support level at 101.30 and the next nearest support level the pair will find is at 100.96. So we can expect the pair to fall till that level.