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The activity of high frequency Fx trading algorithms today shows that most pairs are consolidating, probably in anticipation of tomorrow's big Nonfarm Payrolls release.
The USDJPY pair is no different and is stuck in a mere 30-pip box range so far today, with a high at 111.52 and a low at 111.22.
The HFT levels for today are slightly wider, however, and are noted at the following levels for USDJPY:
- the light HFT buying pressure zone today is located at 111.13 and below.
- the light HFT selling pressure zone is located at 111.71 and above.
Fx traders will be looking for a potential reversal setup at the HFT zones if the price reaches one during today's session.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
