Pound and Euro Adjust Ahead of U.S. Employment Data

FXOpen

The first trading week of December has seen a corrective rise in major currency pairs. USD/JPY tested support at 149.00, EUR/USD strengthened above 1.0500, and GBP/USD is nearing key resistance at 1.2800. However, the situation could change dramatically in the coming hours. The release of the final U.S. employment report for the year might either bring dollar buyers back into the market, reviving its upward trend, or trigger a broad upward correction in the mentioned pairs.

GBP/USD

Technical analysis of GBP/USD suggests the potential for further growth, as a "V-shaped reversal" pattern is forming on the daily chart. In the coming trading sessions, the pair may strengthen toward 1.2870–1.2800 if the 1.2640–1.2620 zone continues to act as support.

Key events likely to impact GBP/USD include:

  • 10:00 (GMT+3): UK Halifax House Price Index release
  • 12:00 (GMT+3): UK New Car Registrations data
  • 23:30 (GMT+3): CFTC Net Speculative GBP Positioning Report

USD/JPY

As anticipated, USD/JPY managed a correction toward 151.20. However, there is no clear resumption of the uptrend, and the pair may again decline toward 149.00.

The behavior of the pair around recent lows of 149.30–148.60 will be crucial for determining its next trend. A rebound from this range could prompt another test of 151.00. Conversely, a break below December's low might trigger a fresh downward impulse toward 147.00–146.00.

Key events for USD/JPY in the coming sessions include:

  • 16:30 (GMT+3): U.S. Average Hourly Earnings data
  • 16:30 (GMT+3): U.S. Non-Farm Payrolls release
  • 18:00 (GMT+3): U.S. University of Michigan Inflation Expectations

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Forex Analysis

Market Analysis: EUR/USD Gains Pace While USD/JPY Turns Red

EUR/USD started a decent upward move above the 1.0460 resistance. USD/JPY declined below 153.00 and is currently consolidating losses.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

· The Euro found support and started a

Shares

Warren Buffett Sells Bank Shares

On Friday, Berkshire Hathaway’s 13F filing (a quarterly report required by the U.S. Securities and Exchange Commission from institutional investment managers overseeing more than $100 million in assets) revealed that Warren Buffett’s company:

→ Maintained its Apple (AAPL)

Forex Analysis

AUD/USD Trades Near Year’s High After RBA Decision

Today, the Reserve Bank of Australia (RBA) eased monetary policy, cutting the interest rate from 4.35% to 4.10%, according to Forex Factory.

As reported by Reuters:
→ This marks the first easing since the 2020 pandemic;
→ RBA Governor Michele

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.