Technical Analysis of Major Currency Pairs: EUR/USD, USD/JPY, and GBP/USD Ahead of US Jobs Report

As the market prepares for the upcoming US jobs report, traders and forex enthusiasts are keenly analyzing key currency pairs to gauge potential market movements. Among the most traded pairs are the EUR/USD, USD/JPY, and GBP/USD, which are influenced by significant macroeconomic factors and technical indicators. Here’s a closer look at the current scenarios and forecasts for these major currency pairs.

EUR/USD: A Cautious Bullish Bias

Current Price: As of April 3, 2025, the EUR/USD is trading around 1.0925.

The technical outlook for the EUR/USD pair suggests a cautious bullish bias. Recent analysis indicates that the 14-day Relative Strength Index (RSI) has shown diminished bullish momentum. However, the potential for further gains remains, signaling that traders should be vigilant. Key resistance levels to watch are 1.0900 and 1.0950.

Forecast: Market expectations predict growth towards 1.0970; however, a subsequent decline could bring the pair back down to around 1.0730. As traders look toward the upcoming US economic data, these forecasts underscore the importance of monitoring resistance levels and potential breakout scenarios. For more insights on the bullish momentum in the EUR/USD, you can check here.

USD/JPY: Downward Wave Structure

Current Price: The USD/JPY pair is currently trading at approximately 150.47.

The technical analysis indicates the formation of a downward wave structure with a target towards 146.44. Traders may see some corrective movement towards 148.50 before the pair resumes its decline. This downward trajectory points to an overall bearish sentiment guiding market decisions.

Forecast: The current technical indicators suggest that the USD/JPY pair could test the lower boundary envelope at 146.44, further reinforcing the bearish outlook. It is critical for traders to be cautious during this period, as volatility may increase with the forthcoming US jobs report.

GBP/USD: Attempting Stability Above Key Level

Current Price: The GBP/USD is trading slightly below 1.2900 as of April 3, 2025.

The currency pair is making attempts to stabilize above the 1.2900 mark, showing signs of potential growth towards 1.3185. While this upward movement could be seen in the short term, a subsequent correction is anticipated. The GBP/USD has a forecasted decline to around 1.2978 before aiming for a new high of 1.3090, followed potentially by a fall to the 1.2870 level. The key area for a decline is projected around 1.2985, which could offer significant trade opportunities. For additional analysis regarding the GBP/USD currency pair, refer to the detailed technical notes available here.

Conclusion

In conclusion, these technical analyses provide valuable insights into what traders can expect in the forex market, particularly for the EUR/USD, USD/JPY, and GBP/USD pairs. The anticipation surrounding the US jobs report is likely to influence price movements heavily. By understanding current price levels and technical indicators, traders can better position themselves in the dynamic foreign exchange landscape. Monitoring these developments closely and aligning strategies with the anticipated economic data will be essential for success in the markets amid volatility.

As always, maintaining a balanced approach by integrating both technical analysis and market sentiment will serve traders well in navigating the complexities of forex trading. For insights on broader trends, the analysis of USD/CAD offers a perspective on market neutrality as well, available here.