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Technical Analysis: USDJPY drops below 100/200-day SMAs amid US-Iran tension

With the news of the US airstrikes in Baghdad killing the key Iranian military leader crossing wires, the market's rush to safe-haven magnified during early Friday. With this, the Japanese Yen (JPY) registered broad gains despite bourses in Japan being off for the New Year Holidays. The quote recently dropped below 100-day SMA and is now aiming to visit November month low of 107.88. During the pair's further declines, which are less likely considering oversold conditions of RSI, the prices may visit 50% and 61.8% Fibonacci retracement levels, 107.08 and 106.45 respectively.

Meanwhile, buyers will look for entry above 200-day SMA level of 108.70. Though, 108.20 and 108.40 can offer intermediate halts during the recovery. If at all the quote remains positive above 108.70, 109.20 and the 109.80 will regain investors' attention.

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