Daily HFT Trade Setup – GBPJPY Bounces as Buyers Enter at HFT Buying Zone
We are analyzing high-frequency trading algorithms this morning and find potential for upside correction or reversal on the GBPJPY pair. Namely, GBPJPY reached the light HFT buying pressure zone that is located at 152.65 and below, and quickly bounced there.
The move to the HFT buy zone also comes on oversold levels on the hourly timeframe, likely attracting more buy positions as well as liquidation of shorts here.
As usual, GBPJPY is one of the most volatile Fx pairs and today's trading range is already over 130 pips. It's possible that most of the day's action has played out at this point.
To the upside, the light HFT selling pressure zone is located at 154.51 and above.
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