FX Trading Revolution Team
FX Trading Revolution
We are analyzing the activity of HFT algorithms today and have noticed that the USDJPY currency pair has reached the light HFT selling pressure zone that is noted at 110.62 and above.
The price has already started to react after entering the light HFT selling pressure zone and there are some bearish patterns forming on the 1-hour USDJPY timeframe.
We can also see that the pair is trading inside of a rising channel (as shown on the chart below) and a bearish breakout of this channel could just be the trigger for a larger move down.
The Master MACD indicator just now shifted to bearish but the FxTR CCI is still showing the trend as bullish.
In this potential bearish scenario, once/if a bearish breakout of the channel occurs, USDJPY can move lower toward the light HFT buying pressure zone that is today noted at 110.32 and below.
USDJPY Current Trading Positions
High Risk Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
ADVISORY WARNING: Any news, opinions, research, data, or other information is provided as general market commentary and does not constitute investment or trading advice. FXTradingRevolution.com expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information.
Recommended Content
Editors’ Picks
EUR/USD clings to modest gains above 1.0650 ahead of US data
EUR/USD trades modestly higher on the day above 1.0650 in the early American session on Tuesday. The upbeat PMI reports from the Eurozone and Germany support the Euro as market focus shift to US PMI data.
GBP/USD extends rebound, tests 1.2400
GBP/USD preserves its recovery momentum and trades near 1.2400 in the second half of the day on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.