Daily HFT Trade Setup - EURJPY testing the HFT buy zone!
|Analysis of the trading activity of HFT algorithms in the Fx market this morning indicates that the EURJPY currency pair has already reached the light HFT buying pressure zone that is noted at 129.21 and below.
Importantly, the 129.20 level is also support based on previous lows in this zone. However, for the moment indicators are still showing that the trend is bearish as can be seen from the readings of the Master MACD and the FxTR Improved CCI indicators.
Traders can wait for bullish signals to form inside of the light HFT buying pressure zone before looking to enter long positions. There is also a falling trendline (shown on the chart below) that provides resistance at the moment. A bullish breakout above it should further confirm the shift in power from the bears to the bulls.
In this case, traders can look at the 129.75 level and the light HFT selling pressure zone that is noted at 130.35 and above for targets.
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