Kickstart the FX trading day for July 5 w/a technical look at the EURUSD, USDJPY & GBPUSD

In the kickstart FX video from July 5, 2024, I take a technical look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD.

Today the US jobs report was mixed with the June non-farm payroll jobs higher than expectations but revisions to the prior two months of offsetting those gains. The unemployment rate also rose to 4.1% from 4.0%. Average earnings came in as expected.

Also not so good is government jobs were a big contributing factor to the better data this month (+70K). Private education and health services added another 82K. In total, the 152K represented 74% of the gains for the month.

Looking at the private sector, jobs rose by 136K which is much less than the 190K estimate. That is a problem especially in a public sector which is running huge deficits in the face of what has been a stronger economy.

What is the price action saying?

In this video, I take an updated look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD. What is the price action as it relates to the technical levels. What are the key barometers (where the bias shifts from more bullish to more bearish and vice versa).

This article was written by Greg Michalowski at www.forexlive.com.