AUD/JPY swings back above 83.00 after a huge bearish opening gap

• AUD/JPY is attempting a dead cat bounce after a big gap down open.
• Risk aversion remains at full steam on escalating Russia-Ukraine crisis.
• All eyes on the geopolitical developments, with Powell and NFP ahead.

AUD/JPY is warranting caution for the G10 currencies market this Monday, as the risk barometer gapped down nearly 70-pips in the weekly opening to reach as low as 82.39.

At the time of writing, the cross is trading at 83.50, down 0.47% on the day, staging a quick recovery.

Despite the rebound, the downside remains intact, as markets remain risk-averse amid escalating tensions between the West and Russia over the Ukraine turmoil.

Over the weekend, the US and its NATO allies excluded a number of Russian banks from SWIFT while Russia's President Vladimir Putin had been reported to order his military to put Russia’s nuclear deterrence forces on high alert.

Amid escalating crisis, traders continue to move away from risk-sensitive currencies while boding well for safe-havens such as gold, the US dollar etc.

Markets remain cautious, with Ukraine and Russia set to hold negotiations at the Belarusian-Ukrainian border later on Monday.

AUD/JPY technical levels to watch