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The activity of high frequency trading algorithms indicates that the USDJPY pair could move higher in the latter part of today's trading session.
Namely, USDJPY has reached and rebounded three times already at the light HFT buying pressure zone that is located at 113.36 and below.
Traders can look at other indicators for confirming potential trades and buy signals. For example, our advanced FxTR Divergence indicator gave a bullish signal a couple of sessions ago (blue cross mark).
The third bounce of the triple bottom has already created an extension higher, with USDJPY now reaching the previous lows, which are located inside the light HFT selling pressure zone at 113.74 and above.
Some sellers will likely be attracted to this HFT zone, which could slow down the rally. On the other hand, a move above the highs here could open the potential for higher levels. In this case, the bulls will have their eyes on the medium HFT selling pressure zone, which is found today at 114.121.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
