We are analyzing the activity of high-frequency trading algorithms on EURJPY this morning and note a switch to the bearish side around the daily highs that the pair reached in the last hour.
Namely, the rejection takes place inside of the light HFT selling pressure zone, which is located today at 127.00 and above. The prior highs from yesterday are also nearby, adding resistance pressures in this area.
To the downside, EURJPY bears may aim for the light HFT buying pressure zone today, which is located at 126.57 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)