EUR/JPY bearish gift could have been great for Christmas. The pair reversed its hard-gained in accordance to my technical analysis as risk-aversion dominates once again the financial markets. US earnings report failed to trigger a buying-spree in the US indices, resulting in hefty losses to SP500. Once of the main catalysts for the strong weakness are market speculations that Fitch credit rating agency were to downgrade the US sovereign rating, which their spokesman declined to comment.
S&P DowngradesRisk-aversion is likely to dominate the market once again in today's session as S&P rating agency downgraded BNP Paribas to A
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