USD/JPY drops to 10-day low of 110.24 as US attacks Syrian targets

Carry unwind is pushing the Japanese Yen as the fresh geopolitical tensions weakened the already fragile risk sentiment. 

Reports hit the wires this Friday morning in Asia that US launched a cruise missile attack against Syria two days after Bashar al-Assad’s regime used poison gas to kill scores of civilians. 

This pushed the USD/JPY to a ten-day low of 110.24. The attack has been confirmed by US officials. A Bloomberg report says the US attacked with about 60 Raytheon Co. Tomahawk cruise missiles. 

The other safe haven assets are on the rise as well. The 10-year treasury yield is down three basis points. 

USD/JPY Technical Levels

The spot was last seen trading around 110.40 levels. The heightened geopolitical uncertainty might end up sending the pair below the key level of 110.00, in which case positional longs would be forced to unwind leading to a quick fire sell-off to 109.13 (weekly pivot S2) and 109.00 (zero figure). 

On the higher side, resistance is seen at 110.53 (Apr 5 low), 111.00 (session high) and 111.45 (Apr 5 high).