The USDJPY pair is trading sideways for most of the session today as markets await the release of the US Nonfarm payrolls report.
Today's analysis of high-frequency trading algorithms shows that the USDJPY pair is trading between its two nearby HFT zones. The two zones are located at the following price levels:
- the light HFT selling pressure zone at 111.76 and above
- the light HFT buying pressure zone at 111.14 and below
Fx traders will be looking for any potential setups that may arise today as a result of the volatility around the Nonfarm payrolls release. The two HFT zones noted above are the areas where sellers and buyers are more likely to enter the market, therefore, helping to fuel a reversal if the contrarian forces are strong enough.
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