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We are analyzing Forex high frequency trading algorithms this morning and note that the NZDJPY pair has reached the light HFT buying pressure zone that is located at 85.24 and below.
The price has already reacted well there and bounced, potentially putting an end to this most recent down leg of the NZDJPY retracement.
Remember, the trend on larger timeframes, such as the daily remains strongly bullish. So, it is probably that Fx traders prefer long positions over short on NZDJPY, thus there are good chances for the rebound here at the HFT buy zone to stick.
The light HFT selling pressure zone is located today at 86.13 and above.
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