The US jobs report revealed a mixed labour market for February 2025. Non-farm payrolls saw an increase of 151,000, slightly below the forecast of 160,000, while the unemployment rate rose to 4.1% from an expected 4.0%.
The EURUSD fluctuated, hitting a high of 1.08832 before declining to 1.0853. Resistance appears near 1.08729, and to support sellers, the price must stay below this level.
Usdjpy Analysis
In the case of USDJPY, it is positioned below a swing area between 147.21 and 147.34. A drop below the 61.8% retracement level at 146.943 would strengthen seller control.
For GBPUSD, which fluctuated around 1.29236, staying below this level presents buyers with challenges. Potential downside targets include a swing area at 1.28306 and the rising 100-hour moving average at 1.28156.
Lastly, the USDCHF tested the 200-day moving average at 0.88186 before falling below it. Maintaining positions under this level remains vital for sellers, while the 50% retracement level at 0.87868 serves as another critical reference point.
February’s US jobs report painted a mixed picture of the labour market. Job creation fell short of expectations, with non-farm payrolls adding just 151,000 positions instead of the anticipated 160,000. At the same time, unemployment edged up to 4.1%, slightly above the projected 4.0%. These figures suggest some softening in hiring, though not a dramatic shift.
The impact on currency markets followed accordingly. The euro-dollar pair initially climbed to 1.08832 but later reversed course and settled lower at 1.0853. Resistance remains firm near 1.08729, and selling pressure is likely to persist as long as the pair stays beneath this threshold. Holding above it would signal a different momentum, but that has yet to be seen.
In dollar-yen trading, the pair remains under a key range stretching from 147.21 to 147.34. Further weakness could materialise if it slips below 146.943, the 61.8% retracement mark, reinforcing bearish sentiment. Staying above this level keeps traders cautious, but until there’s a push above the noted range, downside risks remain.
For sterling-dollar, activity centred around 1.29236, a level that has posed difficulties for buyers. The inability to move higher increases the likelihood of a slide towards a swing region near 1.28306, with the 100-hour moving average at 1.28156 offering another reference point. That zone will be closely watched, as losing it would invite additional selling.
Meanwhile, dollar-Swiss franc tested the 200-day moving average at 0.88186 before dipping below. Holding beneath this level is key for sellers, while the 50% retracement marker at 0.87868 stands as another important checkpoint. A move back above the former technical level would complicate matters for those betting on further declines.
Market Outlook
The past week’s developments provide a roadmap for what lies ahead. The labour report failed to deliver a decisive shift in sentiment, leaving traders to focus on technical markers. With price movements nearing key levels across multiple pairs, a break in either direction could set the tone for the coming sessions.
