Daily HFT Trade Setup – EURJPY Stops at HFT Sell Zone
This morning's analysis of high-frequency Fx trading algorithms shows that potential trading opportunities from the short side could be created on the EURJPY currency pair during the current day-trading session.
Namely, EURJPY already reached the light HFT selling pressure zone today, which is located at 130.34 and above. The price reacted on the initial touch and retraced lower, though the bulls have managed to stage another attempt at it as of this moment. However, selling pressures are likely to remain relatively strong, which could lead to the eventual reversal.
Fx traders will be looking for confirmation of a reversal from other indicators as well as the price action. Local intraday support exists at 130.15, which if broken, should open the door for more losses today.
The light HFT buying pressure zone is located at 129.44 and below for today's Fx session.
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