The greenback is recovering losses to start European morning trade, as it starts to chew into the opening gap lower today. USD/JPY is now up to 154.60 levels, just a few pips shy of closing its opening gap lower:

Besides that, the commodity currencies are also seeing opening gains somewhat covered against the dollar now. USD/CAD has filled the gap in a push back up to 1.3974 while AUD/USD is down to 0.6507 and nearing the Friday close of 0.6496.

Elsewhere, EUR/USD is still up 0.4% around 1.0455 and GBP/USD up 0.3% to 1.2563 currently. However, both pairs are well off earlier highs in Asia of 1.0501 and 1.2606 respectively.

It might not make the most sense or appeal to a lot of traders, but trading gap fills has always been a thing/art form of its own. And that looks to be somewhat playing out again for the dollar, at least for now.

This article was written by Justin Low at www.forexlive.com.