USD/JPY has a good 80 points to move lower into Todd Gordon's 121.65 target.

Traders were out to sell the US dollar today and nothing could stand in their way. Stronger than expected manufacturing sector growth only helped the dollar rally a mere 15 pips against the Japanese yen, and even those gains were lost shortly afterwards. The move in the US dollar indicates that the foreign exchange market is focusing almost exclusively on bond yields today.

Australia faces a double dose of data ahead of the Reserve Bank of Australia's monetary policy meeting on Tuesday, and any major deviations from expectations could send the country's asset markets reeling.

The Chinese yuan gained 0.11 percent, to close at 7.6047, its highest close since 2005, on speculation that China is letting the yuan appreciating to gain more control over price pressures.

The GBP/USD has at least 200-300 points of room to rally before it reaches a key technical resistance level and fundamentally, the market expects the Bank of England to raise interest rates this Thursday to 5.75 percent.

The dollar continued its losing ways through turn of July trade, as major counterparts breached significant highs against the downtrodden Greenback.

The US dollar is moving into levels not see in over two decades.

Derek Frey provides weekly market commentary on currencies for the week of July 2.

Currency technical analyst Jamie Saettele analyzes the euro against the Japanese yen, Swiss franc, and British pound.

While Jamie Saettele is looking for a test or a marginal break of 1.3680, he is expecting the next big move to be down towards the mid 1.2000's.