Good Morning,

It looks like some serious developments are taking place in the Ukraine with some Russian spokesperson actually stating the they want to start WWIII....just can't believe this stuff at times. In any event the markets are under pressure, but not yet at the FEAR stage. When that happens you should see the USD strengthen. At the moment it's all about the JPY.

Especially for "Y in HK" here are the up to date levels in the charts that are on my radar. They have moved a little as about 6/7 days have passed since I first noted these.  At these levels we should come under pressure, but the lead will come from the USD/JPY. I am looking at 102.00 as a level of interest but I would also imagine that there will be  stops/bids  building below there so let the two-way action take place if there is some but  <span style="text-decoration: underline;"><strong>DO NOT</strong></span>  just blindly go short at 102.00 as there will be volatility.

<span style="text-decoration: underline;"><strong>KEY LEVELS TO WATCH IN JPY:</strong></span>

USD/JPY: 102.00.... below lies 101.50 which was a previous resistance now support. If you are ultra- conservative you could wait until this level.

GBP/JPY: no longer on my radar to trade. It is now in no-mans land between levels. It was a do-or-die at 169.50.

EUR/JPY: 140.65.

CHF/JPY: 115.70. (right on support...right now... almost)

AUD/JPY: 94.40

NZD/JPY: 87.60 (right there now)

CAD/JPY: Not on my radar.

SEK/JPY: Already short.

Keep your eyes peeled at these levels but I would take your lead from the USD/JPY.

The JPY, has screwed up my other trades at the moment but as stated earlier if things get worse in Ukraine / Russia discussions, FEAR will enter the market and this will help my open trades.

This could all be an anti-climax you just never know...but we need to be aware and on out toes.

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I have one or two business items to take care of today and as it is a Friday, and I hate trading on Friday's,  my activity levels will be low in particular after the European close. Plus this afternoon I have to start preparing and writing tomorrows PREMIUM SERVICE and WEEKLY FX DRIVE THRU blogs.

Safe trading and take care,

Scott