We are analyzing the activity of HFT Algorithms on the USDJPY currency pair this morning and note that strong bullish forces are playing out at the moment here.
The price rose sharply in yesterday's trading session and has been consolidating so far in today's session. The bullish trend remains intact, as is showed by the advanced FxTR RSI indicator. USDJPY is also trading in a bullish channel formation, so by all parameters, the current price action looks like a consolidation before a continuation to the upside.
There, USDJPY bulls will keep an eye on the light HFT selling pressure zone, noted at 108.3 and above, where stronger bearish forces may start to appear and push down USDJPY. The medium HFT selling pressure zone stands further higher, at 109.285 and above for today,
To the downside, the light HFT buying pressure zone is noted at 107.31 and below, and it could be used as a bearish target in a scenario of a sharp bearish reversal of the current trend.
USD/JPY Current Trading Positions
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