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We are analyzing the activity of high frequency trading algorithms in the Fx market this morning and find that the EURJPY currency pair could be a potential short trading opportunity in the session ahead.
EURJPY is currently trading in a tight range, near the light HFT selling pressure zone that is standing today at 130.84 and above. The price touched this HFT zone earlier in the morning and was rejected there. The current EURJPY range is noted between the 130.60 and 130.75 levels, a mere 15 pips.
A breakout of the range could signal potential trading opportunities, especially to the downside. Hence, a break below 130.60 should open the door to more losses for EURJPY.
The light HFT buying pressure zone is located today at 130.29 and below.
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