Carry uwind gathered pace, pushing USD/JPY to a session low of 111.38 levels after reports of Belgium under terror attack hit the wires. Safe havens/funding assets on the rise Safe havens and funding currencies are on the rise as investors run for safety amid reports of multiple bomb explosions in Brussels. Flight to safety pushed treasury prices higher and yields lower, thereby pushing dollar higher against most currencies. However, carry unwind helped Yen score gains against the greenback. The spot now trades around 11.50 with investors awaiting more updates regarding the situation in Brussels. USD/JPY Technical Levels The immediate hurdle is noted around 11.78 (5-DMA), above which the spot could target 112.22 (Mar 9 low). On the other hand, a breakdown of immediate support at 111.22 (Mar 21 low) would expose 110.67 (mar 17 low). For more information, read our latest forex news.