USDJPY Mar 10 to Mar 14 Outlook

Recap
Whiplash action week. Ninja pushed lower to challenge the prior outside week low and failed to breach the support, that opened the door to a rally back to the top of the range above Y+1. At the end of the week, ninja did a blowoff move to Y+3 before it can finally stop. Closed the week near Y+2 and above midpoint.

Outlook
I was wrong last week thinking that ninja would be trapped inside the range of the prior two weeks. Development in Ukraine nudged ninja higher. It is not really a surprising move though because it is similar to what happened back in August 2008 when the conflict between Russia and Georgia happened.

Still leaning towards range bounded actions until the situation in Ukraine is resolved.