Daily HFT Trade Setup – USDJPY Touches HFT Buy Zone & Rebounds
We are analyzing the activity of HFT algorithms this morning and note that the USDJPY pair may be the place where Fx traders will look for trades from the long side today.
Namely, USDJPY earlier this morning reached the light HFT buying pressure zone that is noted today at 115.71 and below. After touching the zone, the bearish attempt was quickly reversed, and the price bounced. USDJPY may now be set to record a bullish engulfing candle on the hourly chart if the hourly candle closes near the current levels of 115.85.
To the upside, the light HFT selling pressure zone is located today at 116.33 and above.