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The morning forex technical report. The USD moves lower after the US jobs reportt

The USD moved higher in anticipation of the US jobs report. That report showed wages were less of a concern with an increase of 0.3% versus 0.4% MoM. Moreover the prior month was revised lower from 0.6% to 0.4%. Good news. The not so good news for a rate perspective is the unemployment rate ticked down to 3.5% from 3.6% (revised from 3.7%). That puts the unemployment rate near full employment which has potential for what wage gains down the road. So the Fed is walking on the tight rope. In Canada, their jobs report showed strong job gains of 104K versus 8.0 K. The unemployment rate dipped to 5.0% from 5.1%. That is also near their full employment level. The market reaction has seen the US dollar move lower and stocks move higher. In this report I take a look at the change in currency rates for the EURUSD, USDJPY, GBPUSD and USDCAD and outline the bias shifts and levels in play for the day. The EURUSD has moved back above the 50% of the 2022 trading range at 1.05155. Watch that level today as a barometer For the USDJPY the price has moved below its 50% midpoint of the move down from the December 15 hi at 133.832. The broken 38.2% 132.81 is a target as are the 200 and 100 hour moving averages on the downside. The GBPUSD has Topside resistance at 1.19346. Get above that level is needed to increase a bullish bias
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