[ad_1]
\n<\/p>\n
The British pound<\/a> has fallen a bit against the Japanese yen during the early hours on Friday as we continue to see the market hang around in the same general vicinity. Because of this, the market is likely to continue to respect the same old levels. The \u00a5181 level has been supported, and most certainly the \u00a5180 level underneath there has as well.<\/p>\n<\/div>\n<\/div>\n On the other hand, if we were to break to the upside, the 50-Day EMA is a significant barrier that a lot of people will pay attention to, but it is flat, suggesting that we are going to continue to slice back and forth. The \u00a5183.50 level is an area of resistance that people will have to pay close attention to. If we can break above there, then it\u2019s likely that the market could go looking to the \u00a5185 level, which is a large, round, psychologically significant figure and an area where we have seen a lot of selling pressure at.<\/p>\n In general, this is a situation where I think you continue to see a lot of volatility, and of course this pair is highly sensitive to the overall risk appetite, so you should pay close attention to it. The market tends to rise when we are more or less \u201crisk on\u201d than when we are more \u201crisk off.\u201d That being said, the market is more likely than not just going to be a situation where you are looking at the market through the prism of back-and-forth range bound trading, with an upward tilt.<\/p>\n The market breaking below the \u00a5180 level would be a significant breakdown, but that doesn\u2019t seem to be very likely at this point. On the other hand, it\u2019s going to take a significant amount of momentum to send the market above the \u00a5185 level, and therefore testing the most recent highs. If we have that happen, it\u2019s very likely that the market is looking to the \u00a5190 level, and then eventually the \u00a5200 level which I do think it\u2019s a very real possibility with the Bank of Japan and its loose monetary policy being in effect still.<\/p>\n For a look at all of today\u2019s economic events, check out our\u00a0economic calendar<\/a>. <\/b><\/p>\n<\/div>\n<\/div>\n