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Today's activity of high frequency trading algorithms shows that the USDJPY currency pair could be close to forming a high for the day.
Namely, USDJPY has reached the light HFT selling pressure zone today, which is located at 113.7 and above.
The price is already reacting here, with the new hourly candle falling off the high. The bears would like to see a further extension lower and perhaps a change in trend indicators to bearish as a way to confirm a daily top.
To the downside, the light HFT buying pressure zone that is located today at 113.13 and below.
