
USD/JPY Breaks Below the 50 Daily SMA As Safe Havens Continue Surging
The JPY was showing strong bullish momentum in the last two weeks and USD/JPY was sitting around 700 pips lower below 131, after two hectic weeks in financial markets. But yesterday the situation seemed calmer but the banking crisis continues to loom large and threaten to spread further. However, there have been some positive developments, including the emergency takeover of Credit Suisse by rival UBS, which was devised by the Swiss government over the weekend. Despite this, Credit Suisse shares tumbled by 54% lower yesterday, while UBS shares have since recovered after initial losses.
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