Yen crosses have already covered the gaps at the open as Asian markets managed to recoup losses at the open on reported pension interest. Thus far dollar pairs have yet to follow this example though absence of weakness in Europe later on will likely trigger similar moves at closing the gaps in EURUSD, GBPUSD, AUDUSD, and USDCAD. Note at this point we have little catalyst for action in the European session though while US reports are expected to show a technical rebound in Industrial Production at 0.1% following a sharp -2.8% prior read and a 76.4% read in capacity utilization, steadying in a declining trend.