Geopolitical tensions are shaking the forex markets as the USD/JPY currency pair experiences a significant decline. The rapid narrowing of U.S.-Japan yield spreads has led to a sharp drop in the USD/JPY during the Asian trading hours. This decline breaks the uptrend that had persisted throughout April. As risks mount from the ongoing tensions between Israel and Iran, traders are left questioning whether we will see a deeper unwinding of the carry trade that has supported the pair recently.