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High frequency trading algorithms' activity today shows that the USDJPY pair is stuck in a sideways range of around 15 pips.
The tightly compressed 15-pip range comes ahead of the crucial Fed meeting later today, which is the main event risk of the month and could result in high volatility and extreme price swings on short-term timeframes.
Moreover, the range is taking place between the two nearest HFT zones, as identified by our unique High frequency trading indicator. The two HFT zones are noted at the following levels today:
- light HFT buying pressure zone located at 113.53 and below.
- light HFT selling pressure zone located at 113.86 and above.
Thus, Fx traders may look for trade setups around either of the HFT zones, e.g., during or after the FOMC announcement and the ensuing volatility that will surely come.
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