Daily HFT Trade Setup – EURJPY Moving Lower Toward HFT Buy Zone
This morning's analysis of high-frequency trading algorithms indicates that the EURJPY pair may be an interesting play from the long side.
For example, EURJPY has been falling gradually since the day's open in Tokyo, and is now close to reaching the light HFT buying pressure zone that is noted at 126.51 and below. More buyers are likely to enter the market if EURJPY does reach this HFT area later today, which could give rise to a bullish reversal.
It's also possible that EURJPY could start moving higher even before reaching the designated HFT area. As we can see, the price has already bounced here on the hourly chart.
The light HFT selling pressure zone is located today at 126.98 and above.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)