Daily HFT Trade Setup - USDJPY at HFT buy zone!

FX Trading Revolution Team FX Trading Revolution

Analysis of the trading activity of HFT algorithms in the Fx market today shows that the USDJPY currency pair has found support inside of the light HFT buying pressure zone that is noted at 113.18 and below.

The price has managed to pierce down through the 113.00 round number support but it has rebounded back higher every time today. This type of price action suggests there are good chances that the support will hold and USDJPY will continue with a move higher toward the next resistance zone.

The next resistance higher is found at the daily highs in the 113.50 price area and inside of the light HFT selling pressure zone that is today noted at 113.58 and above. Traders can use these price levels for placing profit targets today.

USDJPY Current Trading Positions

Sell 50%

Buy 50%

Avg Sell Price 113.08

Avg Buy Price 113.11

Liquidity Distribution

Your Revolutionary Forex Source

FX Trading Revolution - Your Revolutionary Forex Source

Author

FX Trading Revolution Team

FX Trading Revolution

The FX Trading Revolution website is a free independent FOREX source, and was founded to provide true and unbiased information about FOREX trading.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.