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We are analyzing Forex high frequency trading algorithms and note that the USDJPY pair has now reached the light HFT buying pressure zone that is located today at 127.58 and below.
The downside move in USDJPY today comes following 13 straight days of gains. Thus, it's not surprising if many will view this as a retracement within a trend. Could the HFT buy zone be the area where USDJPY bounces today?
Given the recent large moves in USDJPY, the ranges are large (today's trading range is already 185 pips).
The light HFT selling pressure to the upside zone is located at 129.59 and above.
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