FX Trading Revolution Team
FX Trading Revolution
Our analysis of activity on HFT algorithms in the currency market today shows that the EURJPY currency pair may be about to rise in the second part of the daily Forex session.
EURJPY reached the light HFT buying pressure zone - noted at 119.68 and below - and the price quickly bounced there. Our advanced overbought/oversold indicator confirms that a reversal may be near as the price has already entered the overbought area on this indicator.
The quick rejection at the lows suggests that at least a short-term bottom is likely in place. EURJPY bulls will be looking higher to target prices toward the 120.00 and 120.50 round number levels as well as the HFT selling pressure zone, which is today noted at 120.85 and above.
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