The pair turned lower from the 20-day average hurdle placed above 68.60 and is currently trading near 68.25, representing a 0.35% decline on the day.
The Japanese yen looks to be benefiting from the escalating tension between the U.S. and China over the coronavirus origin and the latter’s handling of the virus outbreak.
While the decision by the likes of Germany to reopen their economies is positive for the risk sentiment, it is also fueling fears of a second wave of the virus outbreak and likely keeping the yen better bid.