Kickstart the FX trading day for June 7 w/a technical look at the EURUSD, USDJPY & GBPUSD

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The US jobs report came in stronger than expectations:

Details of the May 2024 jobs report:

  • non-farm payroll for May 272K vs 185K estimate.
  • Two-month net revision -15K vs -22K prior
  • Unemployment rate 4.0% vs 3.9% expected
  • Prior unemployment rate 3.9%
  • Participation rate 62.5 % vs 62.7% prior
  • U6 underemployment rate and blood for % vs 7.4% prior
  • Average hourly earnings + 0.4 % m/m vs +0.3% expected
  • Prior avg hourly earnings +0.2% m/m
  • Average hourly earnings + 4.1 % y/y vs +3.9% expected
  • Average weekly hours 34.3 vs 34.3 expected
  • Change in private payrolls +229K vs +170K expected
  • Change in manufacturing payrolls +8K vs +5K expected

That has helped to move yields higher, stocks lower and the USD higher.

Looking at through the major currency pairs:

  • EURUSD fell below the 100 and 200 hour moving averages at 1.0881 and 1.08598 respectively. The price move down to test and break below the low price for Monday at 1.0827, but there is some up-and-down price action around that level. On the downside the 100 day moving out of 1.08064 and the 200 day moving average at 1.07 86R key targets today and going forward.
  • The USDJPY moved sharply to the upside and in the process extended back above its 200-hour moving average at 156.445. That level will now be a close risk-defining level for buyers. The current price is trading at 156.75.
  • The GBPUSD fell below its 100 bar moving average on the 4-hour chart at 1.2735. That is now a close risk level for traders. On the downside watch 1.2700 followed by a swing area between 1.2674 and 1.2685 as the next targets..

This article was written by Greg Michalowski at

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