Liquidity Shifts To Yen as The U.S Deals With Banking Crisis

Liquidity Shifts To Yen as The U.S Deals With Banking Crisis

During these days the entire market is focused on the banking crisis and its potential impact.

On the other hand, Yen benefited from this situation to gain one more time its position as a safe haven currency by strengthening more than the others.

On Wednesday, fear and panic about the spread of the banking crisis
weighed more in Europe despite the fact that it started in the US.

On Friday the focus was back on the US when SVB officially declared bankruptcy.

This is creating a lot of turbulence in the market.

The most affected currencies for this week were EUR, CHF, and USD.

Technical Analysis:
If the price manages to develop below the broken structure of 132.30
then it may move down further as shown in the chart.

Thanks and good luck!