The USD moved lower after the headline nonfarm payroll came in weaker than expected, but the average hourly earnings were a bit higher and the unemployment rate dipped as well which has limited the declines in the greenback.
EURUSD: The EURUSD moved up to test the swing high from Monday and last Friday at 1.09329. That was the next upside target level after breaking above the 200-hour MA at 1.08977. The sellers leaned against that level and forced the price back down. Staying above the 200-hour moving average is a close risk for buyers looking for more upside. A move below would disappoint the buyers. Getting above the high from Monday and Friday would open the upside for the pair.
EURUSD rises to next target after breaking above 200H MA
USDJPY: The USDJPY moved lower to test 38.2% of the move up from the June 1 low at 142.528. The price bounced off that level and bounced higher. The 143.43 to 143.53 is an upside target that if broken, would negate some of the bearish bias on the break.
USDJPY bounces off the 38.2% target
GBPUSD: The GBPUSD traded to a new high going back to June 22 reaching a high of 1.28077. On the downside, the swing area between 1.2738 and 1.2753 will now be eyed as support. Stay above and the buyers will remain in control.
GBPUSD above swing area
USDCAD: The USDCAD moved lower. Along with the US jobs report, Canada also released their jobs report which was mixed with employment change showing a large and expected gain, but wages were lower and participation rate was higher. The unemployment rate was also higher. Technically, the USDCAD moved down to a swing area between 1.3312 and 1.3322. The 38.2% retracement of the move down from the May high at 1.3321 is also in play. The low price reached between the swing area at 1.3316.
USDCAD stalls fall after jobs at key swing area