News of the Saudi-led military intervention in Yemen saw oil prices rally and the dollar decline. USD-JPY led the way in forex markets, dipping below 119.00 for the first time in a month, while EUR-JPY fell to three-day lows. The spike in oil prices hit stock prices, and the yen gained amid its usual inverse correlation to risk appetite in financial markets. USD-JPY’s 50-day moving average at 119.23 and the 200-day moving average at 118.85 were breached on route to a low of 118.33.