The USD/JPY bounces to the upside from the 102.00 level.

At the beginning of the European session the Yen gained a lot of strength versus most of its major counterparts, especially versus the US Dollar. Risk aversion came into the markets after the tensions between Russia and the Ukraine rose and caused investors to seek the shelter of the Yen. The USD/JPY reached the 102.00, but it bounced from that level to the upside as the greenback tried to reclaim its ground as shown on the 4 hour chart below.

Even though the pair is trying to retrace at the moment, if tensions continue to escalate between Russia and the West during next week, then we may see a breakout to the downside of the 102.00 level. A breakout to the downside can give us a good opportunity to go short if we get a pullback after the breakout to the same 102.00 level.