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High frequency Fx trading algorithms this morning indicate that the USDJPY pair may have put in the low for the day.
Namely, USDJPY was falling from the mid overnight Asian session to around the early European morning, and as a result, reached the light HFT buying pressure zone, located at 114.35 and below.
The price bounced there, however, and USDJPY is off the lows, with a bullish candle reversal pattern formed in the process. USDJPY bulls may be eager to jump on the opportunity, particularly if USDJPY moves above 114.50 (currently testing it).
Upside potential can then be seen toward the light HFT selling pressure zone, which is noted today at 114.96 and above.
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