Despite strong movements in other majors vs. the dollar from this morning, the $/Y has not been able to break its tight range yet.
I think that traders are waiting till Friday's speech of Bernanke.

Its consolidation around 1750 and gains in futures and in Euro indices makes a short term correction possible.

EUR opens with a 120 pip gap. And closes it within a couple of hours. Not only did it close the gap, it also dipped further extending the fall during the afternoon till 1.4140 at the moment of writing these lines.
Major triangle base still on. 1.4050-1.40 major support.
 

Major triangle setup is still on. 1.4030-60 area serves as support. Europe has a financial crisis. U.S. has a faltering economy. Traders are guessing where situation is better, taking cues from global equity markets.

The USD soared against commodity dollars (CAD, AUD and NZD) with traders seeking refuge from turmoil.

Great Britain's BOE leaves rates at 0.5% low. ECB next. ECB might announce willingness to purchase European bonds in order to ease some pressure off Euro government bond market.

Some traders believe the pair will return to pre-intervention levels and have sell orders at 80.

After U.S. data like GDP, Manufacturing PMI and consumer spending and income frustrated investors, we are beholding some deterioration in risk sentiment. Usually it benefits the dollar, especially against AUD.

U.S. personal income and personal spending both disappointed, but market's response was muted as payrolls indicator is getting closer and traders are unwilling to bet big before it.