Forex technical view: FX majors set up ahead of US jobs, retail sales, and PMI data

As the North American session begins, the three major currency pairs are showing important technical signals ahead of the US nonfarm payroll data, set to release at 8:30 AM. This will be the first release since the government shutdown. The outcomes expected for the US jobs report include a nonfarm payroll increase of 50,000, an unchanged unemployment rate of 4.4%, and 0.3% month-over-month average hourly earnings. The EURUSD is edging higher at 1.1765, holding modest control above the midpoint, while the USDJPY is softer at 154.73 with selling pressure targeting support levels near 154.33 to 154.477, suggesting a downside momentum is building. Conversely, GBPUSD trades at 1.3430, supported by stronger PMI data, indicating bullish momentum. Key insights from the data suggest mixed results for the Eurozone, with manufacturing PMI showing signs of improvement but overall economic growth remains fragile, prompting a cautious approach from investors.