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The activity of HFT algorithms today shows that the USDJPY pair has now reached the light HFT buying pressure zone that is noted at 133.46 and below. The price reacted well there, rejecting the bearish attempt and USDJPY bounced.
The bulls are certainly hoping this is the end of today's downward retracement and the start of a new leg to the upside as part of the overall bullish trend. Thus, this could be a good opportunity to add USDJPY longs around current levels.
To the upside, USDJPY traders will be watching the light HFT selling pressure zone, which is located today at 134.84 and above.
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