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We are analyzing the activity of high-frequency trading algorithms during the current trading session and find that the USDJPY pair has reached interesting levels where selling opportunities may be created.
USDJPY reached the light HFT selling pressure zone that is located 103.86 and above during the Asian session, and the advance soon stopped there. The price is now moving sideways inside of this HFT selling zone, and there are already some signs pointing that the up move may have run its course.
Looking to the downside, Fx traders will look for intraday technical breakouts to trigger a larger bearish move down. That could happen on a momentum breakout below the 103.90 - 103.95 support zone.
Traders may then aim for the 103.60 lows or the light HFT buying pressure zone, which is today noted at 103.56 and below.
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