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We are analyzing the activity of HFT algorithms in the Fx market today and note that the USDJPY pair has entered the light HFT selling pressure zone, located today at 115.55 and above.
Selling pressures are additionally strengthened here by the previous highs around 115.80 (see chart below). The bears will be looking for a bearish reversal signal or pattern in this area to enter fresh short positions.
A break below the recent swing low at 115.35 would also break a rising support trendline here (see chart). Such a scenario should open up potential for further downside price action in today's session.
The light HFT buying pressure zone is located today at 114.9 and below.
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