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European markets awoke this morning to the shock news that Russia has started a wide attack on Ukraine. Traders are still coming to terms with the situation, and the price reaction is strong across the markets.
The EURJPY, perhaps the key proxy for Ukraine-related risk aversion, is selling-off hard since early in the morning.
The pair has now pushed through the light and medium HFT buying pressure zones. The light HFT buy zone is located at 129.64 and below, while the medium HFT buy zone is at 128.846 and below.
The focus now is on the strong HFT buying pressure zone, located at 128.052 and below. This may offer some stabilization in the very near-term over today's session, but given the highly uncertain situation, the sell-off can easily deepen.
Day-traders should also keep in mind the major lows from higher timeframes (daily, weekly) in the 1.28 - 1.2750 zone.
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