We are analyzing the activity of high frequency trading algorithms today and note that the downtrend in EURJPY has gathered momentum, with the price pushing through the light HFT buying pressure zone that is located at 128.68 and below.
EURJPY is now nearing the medium HFT buying zone, which is standing today at 127.91 and below. Stronger bullish forces are likely to exist there, so a bounce is possible soon. Moreover, the FxTR advanced overbought-oversold indicator is showing EURJPY is at deeply oversold levels here on the hourly timeframe.
To the upside, the light HFT selling pressure zone is located at 129.45 and above.