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The activity of high frequency trading algorithms in the Forex market shows that AUDJPY has reached and bounced at the light HFT buying pressure zone, which is located today at 90.79 and below.
The pair has been in a decline since the start of this week, as part of a retracement to the sharp move higher last week. Nevertheless, the longer-term trend remains strongly bullish due to the giant gains in previous weeks.
AUDJPY is currently at the lower end of this retracement formation, in addition to testing the HFT buy area. This could attract AUDJPY buyers back in the market.
The light HFT selling pressure zone is noted today at 92.3 and above, and could serve as a potential target area to the upside.
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