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The AUDJPY pair is trading sideways today, also as part of a larger consolidation that is playing out since yesterday following the big gains on Monday and Tuesday.
The daily range so far is only 45 pips and stays in the area between the two light HFT zones. Given the overall bullish trend, Fx traders may look especially for trade setups from the long side.
The light HFT buying pressure zone is located today at 94.71 and below, and could provide an opportunity to enter long on bullish signals.
To the upside, the light HFT selling pressure zone is located at 95.7 and above. It will also be an important juncture for traders, though bearish pressures may be less evident here in the face of the predominant uptrend.
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