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High frequency trading algorithms in today's Fx session show that the GBPJPY pair could potentially provide trade setups from the short side.
Namely, GBPJPY is consolidating from earlier losses this week but also finds itself in a larger bear move that started last month. So traders could be inclined toward short trades more than long.
The light HFT selling pressure zone, which is located at 160.17 and above., is one area where stronger bearish forces are likely to emerge.
To the downside, the bottom of the range is around the 158.00 round number level, which is also where the light HFT buying pressure zone stands today (noted at 158.13 and below).
Don't Miss: Stay on top of the game by reading our Weekly Forex Forecast of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
