Market Update for June 5

All eyes will be on the Non-Farm Payrolls Report in the US today. The market is expecting a gain of 225k jobs and the unemployment rate to remain at 5.4%. If the report is over 225k jobs, that's dollar bullish and look for the other currencies to weaken against the greenback. A print under 225k and market participants will think the Fed will hold off on raising interest rates, which is dollar bearish.

Greece continues to dominate the headlines for the euro. I've been saying for quite awhile that I wish Greece would just leave the euro. However, that would hit my pocket book as every headline out of Greece moves the euro and creates great trading opportunities. There was quite a bit of movement in the EUR/USD cross yesterday as the headlines first reported that a deal with Greece and its creditors was a done deal. The euro rallied on that news and then sold off later in the trading day as news emerged that Greece would not be making its payment to the IMF today.

In terms of trades, post-non-farm payrolls, I'll look to trade the USD/JPY and the EUR/JPY. A break above 125 will be new multi-year lows for the embattled Yen against the dollar. I like above 141 in the EUR/JPY cross as well.

In terms of the EUR/USD and the GBP/USD, I'm not seeing any trade setups that I really like. In trading, I like to know my entry points in going long or short and I'm not seeing numbers I like for these crosses. As a result, I'll be on the sidelines. I've had a good week with the EUR/USD and don't need to trade it every day. A smart trader knows not to push his luck. I'm not looking to create a trade if there isn't one to be had.

My new website will be launching later this month with new packages and learning materials for all new traders. Looking forward to working with some of you and making some money together in the forex markets.

As always, good luck and happy trading!