S&P 500 plummeted amid intensifying fears of a full-scale Russian invasion on Ukraine

• S&P 500 closed near a seven-month low at 4,225.5 amid the squeeze in risk appetite.
• Ukraine Foreign Minister Dmtryo Kuleba has requested an emergency meeting of the UN Security Council.
• GBP/JPY is eyeing more downside as investors prefer Japanese risk amid risk-aversion theme.

The odds of an imminent war between the Kremlin and Ukraine are rising higher after the Russian leader Vladimir Putin overlooks Ukraine’s phone request.

Meanwhile, Ukraine President Zelenskyy warned that Russia's move could worsen the situation while also saying, "Ukraine is not a threat to Russia."

In the American session, Ukraine Foreign Minister Dmtryo Kuleba had requested an emergency meeting of the United Nations (UN) Security Council in order to reach a positive outcome against the ongoing tensions with Moscow.

This has brought a massive sell-off in the global markets. The S&P 500 tumbled 79.26 points, or 1.84%, and close at 4225.5 on Wednesday. It is worth noting that the index has closed near to January 24 low, which is also a seven-month low. In Asia, the Nikkei is down by over 0.5% while Australia's ASX 200 Index is down 1.85%.

Risk-off impulse in action

The massive sell-off in the US markets has alarmed high volatility in the market owing to higher inflation expectations amid rising oil prices, unstable security status in Europe and required distancing with risk-sensitive assets. However, the demand for safe-haven assets is back in action and assets like the Japanese yen, US dollar and gold may get more traction.

GBP/JPY Price Analysis

Investors have underpinned the Japanese yen amid the geopolitical tensions against the shred currency. The price action on an hourly scale is dictating a bearish structure as the cross has slipped near the lower trendline of a symmetrical triangle. The ascending trendline of a symmetrical triangle has placed from February 14 low of 156.30. The Relative Strength Index (RSI) (14) has skid below 40.00 and indicting more weakness ahead.

GBP/JPY live market

The unanswered calls from Russia have spurt the volatility in an already uncertain environment. The GBP/JPY is off from Wednesday’s high at 115.83 and is likely to display more weakness after violating the double-tested Wednesday’s low at 115.60.