GBP/JPY testing bottom of range and HFT buying area

FX Trading Revolution Team FX Trading Revolution

We are analyzing the activity of HFT algorithms in the Fx market today and note that the GBP/JPY currency pair has reached levels that may provide buying trading opportunities in the session ahead.

Namely, GBP/JPY is testing a support area at the bottom of its recent range around the 135.50 level. Moreover, this level is inside the light HFT buying pressure zone, which is today noted at 135.6 and below. The confluence, thus, makes for a very appealing area to consider long positions.

The advanced FxTR Divergence indicator also showed bullish divergence on the hourly chart a few sessions ago. Fx traders will be looking toward the light HFT selling pressure zone to the upside, which is noted today at 136.51 and above.

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