We are analyzing HFT algorithms' activity on the USDJPY pair this morning and note that current price levels have reached the light HFT selling pressure zone is located today at 107.19 and above.
While this doesn't mean a reversal is imminent, the probabilities increase when the price has entered the HFT sell zone. Forex traders will especially be on the lookout for a bearish setup or other sell signal to occur inside of this light HFT selling pressure zone as a confirmation for taking a short position.
Potential targets for USDJPY bears to the downside could be found toward the light HFT buying pressure zone that is noted today at 106.7 and below.
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