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We are analyzing the activity of HFT algorithms in the currency market this morning and note that the USDCJPY pair is consolidating and may offer tradable opportunities later today.
Namely, USDJPY is so far moving between the light HFT buy and sell zones and hasn't reached either of them. The pair is consolidating in a channel with a gradual ascending direction (too large to be called a flag though some may).
The two nearest HFT zones on USDJPY today are found as follows:
- light HFT selling pressure zone at 109.03 and above.
- light HFT buying pressure zone at 108.44 and below.
Traders may look to reverse trade USDJPY today if/when the price reaches one of the HFT zoes.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
