Overall, the euro and the pound saw some small gaps at the Sunday open. This may be viewed as normal, since both the ECB and the BoE had interest rate meetings last week, and the market needed time to absorb all the available data. The calendar is very light today, so the market might lack some momentum.

The Euro (Eur/Usd) is trading just under the 20-day moving average, as a 30-pip gap helped it to advance tonight. Friday, the pair bounced off the 1.25 area, which is the lowest value touched by the euro since the end of November. 
The Pound (Gbp/Usd) saw a 40-pip gap at the beginning of the Sunday session. From there on, the pound advanced another 60 pips, but retraced everything back in the following minutes. Friday, the pair advanced overnight, but saw some strong selling orders during the NFP release.

The Aussie (Aud/Usd) is again struggling to take out the 20-day moving average tonight. In the last month, the aussie traded in a very small range, 200-pips, and this was the only thing it tried to do, but until now, it failed. The 20-day moving average has slowly become a very important swing area for this pair.

The Cad (Usd/Cad) looks like it is developing a new range in the 1.28-1.30 areas. The cad trades without clear direction in this area for a few days, and in the last few weeks, the pair traded only in between closed support and resistance areas.

The Swissy (Usd/Chf) is trading just above the 100-day moving average, after the pair struggled to break underneath in the last day of trading. However, the swissy failed to pull the move, even though it did break lower on Friday.

The Yen (Usd/Yen) moved in a 40-pip range in the Asian session, trying to take out the high seen on Friday. Last week, the pair continued to strengthen, and almost touched the 200-day moving average. In the last day of trading, the yen formed a large bullish pin-bar.

Japan had its first deficit in the last 13 years (in the current account in January) due to the global recession killing demand for exports. The global slump has eroded earnings, which has prompted companies to lay off workers and slow down production. Shipments to the United States, which is Japan’s largest trading partner, plummeted 52.9 percent in January when compared to one year earlier.