GBP / JPY is a major currency pair. It is very popular, but on the other hand it is also called a speculative currency. The Japanese yen has a sense of stability, but the pound is the most dynamic of the FX currencies, and the up and down movement is very large. Therefore, when you are killed, you lose thoroughly, but hopefully you can also make a profit. Therefore, it is called a speculative currency. It is said that the fluctuation range of this currency pair is more than 3 times that of USD / JPY and AUD / JPY, so be careful of those who trade. A high-risk, high-return currency pair.
Difficulty
Not suitable for Forex beginners. For intermediate and advanced users. Be careful when entering, as price movements are extremely volatile. Pounds are particularly quirky, and even if they go 20-30 pips, they usually come back in just a few minutes. Therefore, you will have a hard time until you get used to it.
Trade style
Suitable for scalping, day trading and trend following, but especially for trend following. If you fit in, you can get a profit margin as much as you want, so it is highly recommended. However, when I go the other way around, I am completely defeated.
Recommended trading time
The Japanese yen moves in Asian time and the pound moves in European time, so there are price movements 24 hours a day. Japan time is relatively quiet, but price movements occur frequently at any time.
Economic indicators to watch out for
As an economic indicator, the economic indicators on the Japanese side are at a level where you do not have to worry too much. Even if it moves, is it about the Bank of Japan’s policy interest rate, GDP, and unemployment rate?
The UK economic indicators are more influential and are at a level that greatly moves the market, so let’s take a closer look. It is important to note that the UK’s policy interest rate, GDP, and unemployment rate move the pound significantly, and unlike the euro and the dollar, it moves extremely up and down, which is very troublesome.
When Japanese Yen is bought
Japan is also said to be a country whose nationality cannot change. Since it is such a country, it often fluctuates for external reasons rather than the influence of economic indicators. The timing of yen buying is very advanced when the world situation becomes unstable such as infectious diseases, financial shocks, and wars.
When the pound moves
The pound is sensitive to British politics and interest rate policies. Knowing the nature of the pound’s extreme price movements rather than economic indicators or politics may be the first step. That is the biggest point to win in this currency pair.
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