FX Trading Revolution Team
FX Trading Revolution
Analysis of the trading activity of HFT algorithms in the Fx market this morning indicates that the USDJPY currency pair has reached the light HFT buying pressure zone that is noted at 113.24 and below.
Several prior lows in this area provide additional support here and hence it's likely that the USDJPY price action will react in some way. We are already starting to see this reaction with USDJPY bouncing several times here, but the pair has yet to rebound materially higher.
The short-term trend indicators have not turned yet bullish with the FxTR CCI being bearish at the moment while the Master MACD has turned neutral. However, this does not mean that the bearish trend will continue, particularly because USDJPY is at support and inside of the light HFT buying pressure zone. So, traders should be alert for any bullish signals that may appear on USDJPY today.
To the upside, profit targets can be placed at the 113.70 resistance and the light HFT selling pressure zone that is today noted at 113.84 and above.
USDJPY Current Trading Positions
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