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The activity of high frequency trading algorithms in the Fx market this morning shows that the USDJPY pair is approaching the light HFT buying pressure zone that is located at 127.8 and below.
USDJPY is down about 80 pips on the session so far, what has become a new normal volatility for a pair that was previously asleep and would rarely see an 80 pips move in a whole daily session, let alone during overnight Asia.
With USDJPY now near the light HFT zone, the bulls are eager to look for bullish setups to rejoin the strong uptrend that is still in force. To the upside, the light HFT selling pressure zone is located today at 129.18 and above.
