The amount of jobs created last month will be critical in determining where the dollar is headed next.

For the second straight session, the Chinese yuan pared previous gains as market concern emerged over the possible two way trade of the underlying currency.

Currency technical analyst Jamie Saettele analyzes the British pound against the Japanese yen, Swiss franc, and Australian dollar.

The structure of the USD/JPY is bullish as long as price is above the June 7 low of 120.75.

As expected the Bank of England hiked its overnight rate by 25bp to 5.75% expanding its interest rate advantage against the dollar, euro and the yen, but in its post rate hike statement the UK central bank tempered its hawkishness.

Unsurprisingly, the markets have been extremely quiet with US traders off celebrating Independence Day. There has been little action in the foreign exchange market with the dollar strengthening only slightly against the British pound and Japanese yen, and weakening slightly against the euro and commodity currencies.

Currency technical analyst Jamie Saettele analyzes the Australian dollar against the Canadian dollar, Japanese yen, and New Zealand dollar.

The reversal with long-term bullish implications is underway.

Ahead of what promises to be a very quiet day in North America with US capital markets closed for Independence day holiday, the majors continued their upward drift against the dollar, with UK and EZ data confirming the bullish bias.

Price Headley has 12 resolutions for traders as we start the second half of the year.