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This morning's activity of high frequency trading algorithms in the Forex market shows that the USDJPY pair is consolidating just under the light HFT selling pressure zone that is located at 137.11 and above.
Earlier in the Asian session, USDJPY reached the HFT sell zone, and the attempt was rejected there. The price is now compressing in a tight range just under the HFT zone, suggesting potential opportunities could be created.
The bears will be looking for downside potential, with the 137.00 zone also representing important technical resistance. The light HFT buying pressure zone is located today at 136.42 and below.
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