Daily HFT Trade Setup - USDJPY rising toward HFT sell zone!
Analysis of HFT algorithms in the Fx market today shows that the USDJPY pair is gradually moving higher toward the light HFT selling pressure zone that is noted at 112.61 and above.
Momentum indicators such as the RSI are confirming the slowing momentum of the bullish price action and some bearish divergence already exists on the RSI, as can be seen from the chart below. But, no bearish reversal has been confirmed yet.
Particularly it will be better if USDJPY would reach the 112.50 resistance level or the light HFT selling pressure zone and form a reversal/bearish pattern or signal there. The FxTR CCI indicator is still bullish so the odds are high for the pair to reach these levels.
Traders can look to enter sell positions on either bearish patterns around the 112.50 resistance or inside of the light HFT selling pressure zone and target a move toward the 112.00 support and the light HFT buying pressure zone which is noted at 111.88 and below.