EURUSD
Expectations of higher EUR rates keeping EUR bid despite the downgrading of Spain's rating.
EU summit was nonevent as expected as it does take quite a lot to get the rescue mechanism into place given that any agreement needs to be reformed into the Treaty.
Looks likely EurUsd to try 1.40 again this week. Medium term I am looking to reduce longs from here still. The sovereign debt issue has not gone away.

AUDUSD
Positively correlating to the EUR, AUD looks bid but efforts to attempt at 1.0250 is not convincing. Australia relies >10% of trade with Japan. This will take some off terms of trade for Australia. So I am getting a little nervous the longer AUDUSD doesn't clear 1.0250.
Then again if you are Asian based, your countries are also likely to be affected. So on balance probably not much movement there.
I am looking to reduce my longs over the next couple of weeks unless the clear break of 1.0250 is convincing.

USDJPY
Market started off buying JPY on Friday but quickly reversed. Boj pumping lots of liquidity to shore up the economy to keep it going. Japanese sovereign debt is likely to grow past it's current 200% and in the long term doesn't make it look awfully attractive.
I am looking to probably buy on dips to 81 area.