British pound struggles with 150 against Japanese yen
The British pound tried to rally initially on Wednesday but found the 150 level to be a bit too resistive to continue going higher. Because of this, I think that we will need to see some type of “risk on” move overall to push this market to the upside. In fact, I see a significant amount of resistance to the 150.75 level, so it’s not until we break free of that level that the market will pick up significant momentum in my estimation. However, the jobs number coming out tomorrow in America will have an effect on the USD/JPY pair, which of course has a bit of an effect over here as well, as it is the benchmark the Japanese yen and risk in general.
If we turn around and break through the 149 level, this market is likely to go much lower, perhaps down to the 147.50 handle next. That would more than likely be in concert with other risk appetite markets breaking down, sending markets much lower overall. I think today will be rather quiet and choppy though, and I would anticipate that it is probably best to stay away from this pair, unless of course you have the ability to trade some type of ultra short-term chart. In general, I believe that Friday will determine a lot of where we go in several currency pairs we follow here at FX Empire for the rest of the summer.