Daily HFT Trade Setup – EURJPY Enters HFT Sell Zone

HFT Algorithms' activity this morning shows that the EURJPY pair has now entered the light HFT selling pressure zone, which is noted at 131.96 and above.

The bulls seem to be in control in this market, and there is no noticeable reaction so far. However, the advanced FxTR overbought/oversold indicator is showing these EURJPY levels are in the overbought area on the hourly chart. The 61.8% Fibonacci retracement also stands near the 132.00 round number level, emboldening it as a technical zone. Overall, this suggests that the probabilities are increasing for a reaction in EURJPY near the current levels.

Downside potential is seen toward the light HFT buying pressure zone that is located today at 131.14 and below.