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The analysis of high frequency trading algorithms shows that the USDJPY pair could be an attractive opportunity to go long in today's trading session.
USDJPY is down for the day after the fall during the overnight Asian session and has reached the light HFT buying pressure zone that is located at 115.29 and below. However, the bearish push has stopped there and has even been rejected. USDJPY formed a bullish hammer candle pattern on the hourly chart (see below). This, alongside some technical indicators turning bullish on short-term charts, may give the bulls confidence to put on day-trading long positions.
The light HFT selling pressure zone is located today at 115.72 and above.
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