Analysis of high-resolution foreign exchange data of USD-JPY for 13   years
  We analyze high-resolution foreign exchange data consisting of 20 million data points of USD-JPY for 13 years to report firm statistical laws in distributions and correlations of exchange rate fluctuations. A conditional probability density analysis clearly shows the existence of trend-following movements at time scale of 8-ticks, about 1 minute. 
Takayuki Mizuno, Shoko Kurihara, Misako Takayasu, Hideki Takayasu