Daily HFT Trade Setup – CHFJPY Testing HFT Selling Pressure Zone
The activity of HFT algorithms in the Fx market this morning shows that the CHFJPY pair may be nearing a turning point, having now reached the light HFT selling pressure zone that is noted today at 124.93 and above.
Technical resistance also exists in the same zone due to that falling trendline (see chart). This may help to attract more sellers in the area, and thus increase potential selling pressures here.
To the downside, the light HFT buying pressure zone is located today at 124.12 and below.
Don't Miss: Where The Major Currencies Will Be Moving In 2022 - Yearly Forex Outlook & Scenarios For EURUSD, GBPUSD, USDJPY