It has been a one directional trend for the majors and cross rates for quite sometime now. New secondary highs have been marked for the EURUSD @1.3477, USDJPY @91.24, EURJPY @122.29. While the GBPJPY cross had been choppy from a range levels @144.40 high & @139.25 low with a steady-to-lower sentiments in line with the USDJPY corrective move @90.47 as of this writing.
A subtantial decline in momentum can be seen with price action limited to daily ranges while most traders are waiting for more clues on the upcoming reports from Consumer confidence numbers, US GDP & the FOMC consecutively coming out by Wednesday. As recent reports have been friendlier towards the USD, Friday's Non-Farm Payrolls for January & Unemployment figures may simply be the main catalyst to set the final tone of the market's direction for the final trading days of the month.
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