USDJPY reached the HFT selling zone!
|We are analyzing the trading activity on HFT algorithms in the Fx market this morning and have noticed that the USDJPY currency pair has reached the light HFT selling pressure zone that is today noted at 112.12 and above.
Additionally, the 112.15 level is important resistance on USDJPY so if any bearish patterns/signals appear around this area, at least some follow-through to the downside would be very probable.
The FxTR improved overbought/oversold indicator is also showing the pair is currently at overbought levels on the 1-hour timeframe. The FxTR CCI indicator is still showing the trend as bullish, however, and there are no trigger bearish signals formed yet.
If/once that occurs traders can look to enter short and the 111.85 minor support level and the light HFT buying pressure zone that is noted at 111.51 and below.
USDJPY Current Trading Positions
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