• Market sentiment may be further affected by the extension of military drills to Belarus.

• Bears might become stronger if the asset falls below 114.80.

Intensified selling has been witnessed in the USD/JPY pair since Monday's first tick. Investors have chosen the Japanese yen to the greenback due to its safer-haven appeal. The USD/JPY bears will likely drift lower than 114.80, and then follow-up selling could occur if it fails to attract significant bids.

Market sentiment has been spooked by negative developments in the Russia- Ukraine dispute. The latest headlines out of eastern Ukraine claiming that Russia will continue military drills in Belarus, which were scheduled to conclude on Sunday, according to the Belarusian defense ministry, have added fuel to the fire.

According to the BBC news, Vladimir Putin, the Russian leader, blamed the Ukrainian military for the escalation in tensions in Donbas.

The US dollar (DXY), has opened positively on Monday, as investors prefer the DXY's risk-aversion theme to coincide with. Investors will focus more on the news about the tensions between Russia and Ukraine on Monday, as the US markets are closed. The speech by Michelle W. Bowman (Fed member), which is scheduled for Monday, will give some insight into the strategy of Fed in combating inflation.