The activity of high frequency trading algorithms in the Fx market today shows that GBPJPY dynamics may be turning bullish on the day.
For instance, this morning, the GBPJPY pair reached the light HFT buying pressure zone, located at 153.29 and below.
The price only touched the HFT buy zone and rebounded quickly. GBPJPY has now recorded two green (bullish) candles on the hourly chart as the first signal that a daily low is probably in.
GBPJPY bulls will now have their eyes higher toward the 153.75 minor resistance and then, more importantly, higher toward the light HFT selling pressure zone that is located at 154.26 and above.
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