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The activity of high-frequency Fx trading algorithms indicates that the GBPJPY currency pair could be a buy opportunity in the current day-trading session.
Namely, GBPJPY has already reached the light HFT buying pressure zone and bounced there. The HFT buying zone is standing today at 157.29 and below, highlighting the area with a higher probability that bullish pressures will intensify.
The price already bounced as evidence of this, and it is also occurring near yesterday's lows and previous lows, which indicates there is technical support here as well. Moreover, our advanced FxTR overbought/oversold indicator has flagged the current levels as overbought on the hourly chart, further increasing the chances for a rebound here.
The light HFT selling pressure zone is located today at 158.5 and above.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
