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We are analyzing the activity of Forex high frequency trading algorithms and note that the GBPJPY sell-off is showing signs of stabilizing at the light HFT buying pressure zone, located today at 155.78 and below.
The Russia-Ukraine situation yesterday turned risk sentiment negative, in turn pushing down on GBPJPY and the bearish move extended into today's session.
What happens following the stabilization here is the key question for GBPJPY traders. Does the downtrend extend or we reverse higher? A lot will also depend, like yesterday, on geopolitics.
The medium HFT buying pressure zone is located at 155.036 and below, and is seen as the next important price area if the downtrend extends.
The light HFT selling pressure zone is located today at 156.52 and above.
Don't Miss: Stay on top of the game by reading our Weekly Forex Forecast of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
