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The activity of high-frequency trading algorithms this morning shows that the EURJPY currency pair has reached the light HFT buying pressure zone that is located at 126.18 and below. The price reacted there, and EURJPY is already bouncing somewhat in this area.
While this bounce may be the start of a larger move higher in EURJPY today, on the flip side, no strong bullish signal or pattern has appeared on the intraday charts yet. Fx traders may want to see stronger confirmation of a reversal first before adding long positions. For example, the FxTR Master MACD indicator could provide that if it turns bullish (see chart below).
To the upside, the light HFT selling pressure zone is noted at 126.56 above.
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