Trading GBP/JPY

The GBP/JPY or ‘Geppy’, as it is sometimes pronounced, is a forex currency pair consisting of the Great British Pound and the Japanese Yen. Other common slang names include the ‘dragon’ and the ‘beast’, so-called for its infamous volatility. Trading this pair can have serious upside for experienced investors, but historical data shows that dramatic shifts in the exchange rate are common. In this article, we’ll discuss exactly what it means to trade GBP/JPY, including strategy tips. We’ll also dive into the history of the pair, its fundamentals, characteristics and what impacts its price.

GBP/JPY Trading Brokers

  1. XTB

    rating empty
    rating full

    XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.

  2. rating empty
    rating full

    Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.

  3. rating empty
    rating full

    FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.

  4. rating empty
    rating full

    Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

  5. rating empty
    rating full

    IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.

  6. XM

    rating empty
    rating full

    XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

  7. rating empty
    rating full

    OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds.

  8. rating empty
    rating full

    FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

  9. rating empty
    rating full

    Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.

  10. rating empty
    rating full

    IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.

  11. rating empty
    rating full

    Markets.com offers 43 major, minor and exotic currency pairs. The range is around the industry average, though spreads are fairly competitive, starting from 0.6 pips for EUR/USD. There’s also an excellent range of tools and education, including forex calculators and trading videos.

  12. rating empty
    rating full

    NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).

  13. Axi

    rating empty
    rating full

    Axi continues to offer a strong selection of 70+ currency pairs - more than many top brokers including award-winner AvaTrade, with only 50+. There are no restrictions on trading strategies including algo trading and scalping, which will serve both short-term and long-term traders.

  14. rating empty
    rating full

    Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.

  15. rating empty
    rating full

    Focus Option offers 22 forex pairs tradeable via binary options, including a selection of majors and minors. FX pairs are also available to trade with margin on Focus Option's mobile app, which offers high leverage up to 1:50 and spreads from 1 pip.

  16. rating empty
    rating full

    Global Prime traders can access 48 forex pairs including majors, minors and exotics with tight spreads from 0.9 with no commission or from 0 with a $7 round turn. Forex is traded via the leading MT4 platform, micro lots are available and latency is low via a New York-based server.

  17. rating empty
    rating full

    Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

  18. rating empty
    rating full

    IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

  19. rating empty
    rating full

    AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

  20. rating empty
    rating full

    FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

  21. rating empty
    rating full

    PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.

  22. rating empty
    rating full

    An above-average selection of 55 currencies are available with reasonable spreads averaging 0.9 pips on EUR/USD during peak hours. Aspiring traders can continuously hone their forex strategies by switching between demo mode and their live account any time, with full access to the broker's 100+ technical indicators.

  23. rating empty
    rating full

    DNA Markets continues to deliver an excellent environment for forex traders with 40+ currency pairs and low spreads from 0.0 pips on the EUR/USD during tests. The MetaTrader 4 platform, available on desktop, web and mobile, was also designed specifically for forex trading.

  24. rating empty
    rating full

    OspreyFX offers more than 50 major, minor and exotic currency pairs. Spreads start from just 0.1 pips on the EUR/USD and the broker provides a suite of forex trading education for beginners, including partnering with Forex Squad.

  25. rating empty
    rating full

    CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD.

  26. rating empty
    rating full

    Trade 70+ major, minor and exotic forex pair CFDs with up to 1:1000 leverage, no commission fees and competitive spreads from 0.8 pips. FX trades can also be executed via the reliable and fast MetaTrader 5 software.

  27. rating empty
    rating full

    Errante traders can access 50+ forex pairs with leverage up to 1:500 (location dependant). The broker offers fast execution and tight spreads, especially to clients with VIP and Tailor-Made accounts.

  28. rating empty
    rating full

    Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds and competitive spreads through the ECN model. On the negative side, not all currency pairs are available on MT4.

  29. rating empty
    rating full

    Trade 70 major, minor and exotic forex pairs with ultra-low ECN spreads and fast execution via the MT4 or MT5 platforms. There are also zero SL/TP limits and automated forex trading is well catered for.

  30. rating empty
    rating full

    Ingot Brokers offers forex trading on a modest suite of 30+ currency pairs with raw spreads on the MT5 platform. There are also no restrictions on short-term trading strategies, including hedging, scalping and the use of Expert Advisors (EAs).

  31. rating empty
    rating full

    Trade a small selection of 25 major and minor pairs. Spreads from zero on the pro account, micro-lot trading, and very high leverage make up for the limited range of currencies. The MetaTrader software is also a well-regarded platform for forex trading.

  32. rating empty
    rating full

    Axofa offers a decent range of 50+ forex pairs with raw spreads from 0.0 pips. Very high leverage up to 1:1000 and commission-free forex trading is available. With that said, the broker is not particularly transparent when it comes to account conditions and fees.

  33. rating empty
    rating full

    Go long or short on over 50 currency pairs with spreads from 0.6 pips on EUR/USD. Traders can access market-leading forex tools in the MT4 platform, including customisable forex charts and algorithmic trading.

  34. rating empty
    rating full

    World Forex offers CFD and digital contract trading on 53 forex pairs, including EUR/USD and GBP/EUR. High leverage is available for CFDs, which can be accessed with competitive spreads on certain account types.

  35. rating empty
    rating full

    FinPros offers 80+ forex pairs, which is one of the more diverse offerings available. Traders benefit from ultra-low latency, MT5 support and very tight spreads and low commissions on the RAW+ account.

  36. rating empty
    rating full

    Trade 45+ major, minor and exotic pairs with deep liquidity and low latency. The ultra-tight spreads from 0.01 pips on raw accounts, competitive $7 or lower round-turn commissions and high leverage up to 1:500 will suit scalpers, who can trade without limits.

  37. rating empty
    rating full

    IQCent traders can access CFDs or binary options on 45+ forex pairs. CFD spreads start from 0.3 pips and binary options payouts are decent up to 95%. This is competitive compared to Pocket Option, for example, offering forex payouts up to only 81%.

  38. rating empty
    rating full

    Trade 50+ forex pairs including popular majors and minors with very high leverage available up to 1:1000. Gold, silver, palladium and platinum pairs with USD are also available.

  39. rating empty
    rating full

    Trade 25+ major and minor currency pairs with access to over 30 technical indicators in the broker's proprietary terminal. You can also follow and replicate other forex trades using the integrated copy trader.

  40. rating empty
    rating full

    Scope Markets offers 40+ major, minor and exotic currency pairs. Although the range is average, experienced traders can access very high leverage up to 1:2000. Additionally, the broker’s proprietary terminal delivers advanced analysis tools, including a live forex heatmap.

  41. rating empty
    rating full

    Trade 50+ forex pairs, including popular major, minor and exotic pairs. This is a decent selection, but traders will have a choice between the attractive MT4, MT5 or IRESS platforms and regulatory cover from ASIC. The VPS will also suit automated forex trading strategis.

  42. rating empty
    rating full

    Trade 49 major, minor and exotic currency pairs with fixed spreads or ECN pricing with no dealing desk intervention and a low starting deposit. You can analyze the currency markets using the broker's in-house trading platform.

  43. rating empty
    rating full

    Anzo Capital offers 45+ forex pairs including majors, minors and exotics with fast execution and spreads starting from zero. High leverage up to 1:1000 is available with a margin call at 80% and a stop out level at 50%.

  44. rating empty
    rating full

    Rock Global clients can access 50+ currency pairs via CFDs with leverage up to 1:500, world class liquidity and fast execution on the MT4 or TWS platforms. The tight spreads from 0.9 with no commission are a particularly attractive feature.

  45. rating empty
    rating full

    VT Markets offers an average selection of 40+ forex pairs with up to 1:500 leverage. Forex spreads in the ECN account are highly competitive, starting from 0.0 pips, although the 1.2-pip minimum quotes in the Standard account are a little higher than the likes of Pepperstone or IC Markets.

  46. rating empty
    rating full

    Binary and OTC options can be purchased on 40+ currency pairs, with 55+ currency pairs available if you deposit $1000. Typical payouts are reasonable at 81% and the $1 minimum trade makes the broker accessible to new forex traders. There is also access to the MT4 and MT5 platforms for experienced forex traders.

  47. rating empty
    rating full

    Exinity offers 150+ forex pairs to trade on a very competitive ECN pricing model, with spreads from zero and low commissions of $4 per round turn. Traders can access the powerful MT4 and MT5 platforms and trade with no restrictions on popular trading strategies.

  48. rating empty
    rating full

    ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs. Trading takes place on the leading MT4 and MT5 platforms, which offer dozens of in-built technical tools for short-term forex strategies.

  49. rating empty
    rating full

    PU Prime clients can trade 40+ forex pairs via the MT4 and MT5 platforms with dynamic leverage up to 1:500. Spreads start from near zero on Prime accounts, which also charge a $7 commission per lot, and a zero-commission Standard account with wider spreads is also available.

  50. rating empty
    rating full

    With 100+ currency pairs including all majors plus many minors and exotics tradeable on the MT4 platform with 1:2000 leverage, SuperForex lives up to its name as a great choice for forex traders. The ForexCopy system is also useful for newer traders.

  51. rating empty
    rating full

    AdroFx's strongest offering is its 60+ currency pairs, which can be traded with very high leverage up to 1:500. The broker also offers competitive forex spreads starting from 0.4 pips and charges no commission. Additionally, traders have access to MetaTrader 4, which was built for forex trading and offers excellent support for technical analysis and algo trading.

  52. rating empty
    rating full

    Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology. 35+ currency pairs are available with tight spreads from 0 pips and rapid market execution. You can also utilise the broker's forex news alerts and economic calendar.

  53. rating empty
    rating full

    Trade 7 major, 21 minor and 29 exotic forex pairs with high leverage and a choice between STP or ECN accounts. Support is available around the clock and the TradeLocker forex software is provided.

  54. rating empty
    rating full

    Core Spreads offers trading on 34 forex pairs through spread betting and 40 currencies through CFDs, with both vehicles covering major and minor pairs. Spread betting spreads start from 0.6 for EUR/GBP; CFD spreads are variable and start from 1.2 pips on EUR/GBP.

  55. rating empty
    rating full

    M4Markets offers 45+ currencies with zero pip spreads. The low latency and 30-millisecond execution speeds makes the broker a decent choice for forex traders. Additionally, there are no restrictions on trading strategies, including scalping.

  56. rating empty
    rating full

    MultiBank FX offers trading on 50+ major, minor and exotic currency pairs. Spreads are tighter than many competitors and the broker offers higher leverage than most alternatives. Automated trading strategies are also permitted.

  57. rating empty
    rating full

    I’m happy with Tradeview’s strong range of 60+ currency pairs spanning majors, minors and exotics with competitive spreads from 0 pips in the $1000 ILC account. Traders can choose from several platforms, but I was particularly impressed with the feature-rich Currenex platform which is designed specifically for currency trading.

  58. rating empty
    rating full

    Trade Nation offers over 30 of the most popular forex pairs with variable spreads. Traders can access a slick proprietary platform or MetaTrader 4, with real-time forex market updates and insights via 'Smart News'.

  59. rating empty
    rating full

    As well as a competitive selection of 55+ forex pairs, traders can access high leverage up to 1:300. You can also enjoy advanced analysis from Trading Central with easy integration into MetaTrader 4.

  60. rating empty
    rating full

    Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex traders.

  61. rating empty
    rating full

    4xCube offers 60+ currency pairs with competitive trading conditions. We like that all trading strategies are permitted including scalping and hedging.

  62. rating empty
    rating full

    ActivTrades is a great broker for active forex traders with industry-low spreads from 0.5 pips and zero commissions. The forex broker also offers impressive execution quality and speeds, alongside award-winning customer service.

  63. rating empty
    rating full

    BlackBull offers 64 forex pairs with very competitive pricing through its ECN accounts, with the standard commission-free spread starting from 0.8 and spreads with commission starting from zero. The broker supports diverse trading platforms including MT4 and MT5, and provides leverage up to 1:500.

  64. rating empty
    rating full

    LQDFX offers an extensive list of 70+ currency pairs, more than most alternatives. Spreads are low, coming in at 0.2 pips for EUR/GBP during peak market hours and the low/no commission models will suit beginners and high-volume forex traders.

  65. rating empty
    rating full

    RoboForex offers trading on 30+ currency pairs, trailing category leaders like Pepperstone with its 90+ forex assets. That said, the Prime and ECN accounts feature competitive average spreads of 0.1 pips on the EUR/USD. Additionally, with a minimum investment of $100, traders can utilize the CopyFX system to replicate the strategies of seasoned currency traders.

  66. rating empty
    rating full

    Swissquote offers trading on a huge range of forex assets, covering 80+ currency pairs. Spreads start from 1.3 pips with the Premium account and there are zero commissions. Micro, mini and standard lot sizes are available plus options contracts on major currencies.

  67. rating empty
    rating full

    SimpleFX provides a comprehensive selection of around 60 currency pairs, from majors like GBP/USD to exotics like CHF/PLN. Forex trading fees are competitive, averaging 0.9 pips on EUR/USD during testing, while MetaTrader 4, available on desktop, web and mobile, was built specifically for trading currencies online.

  68. rating empty
    rating full

    You can go long or short on over 50 forex pairs from majors to exotics, with competitive spreads as low as 0.1 pips. The broker offers the leading charting software, MetaTrader 4, which delivers a host of advanced features, including 9 timeframes and over 30 indicators.

  69. rating empty
    rating full

    FXDD continues to offer a leading selection of 90+ currency pairs with ECN pricing. Spreads are decent, coming in at 0.4 pips for EUR/USD during testing. That said, these quotes aren’t as narrow as top competitors like Pepperstone.

  70. rating empty
    rating full

    Trade on 45+ majors, minors, crosses and exotics, with competitive pricing, ultra-fast execution and no requotes. Newer traders can access zero-commission trading. Experienced forex traders can operate with no trading restrictions and benefit from an ECN account and a VPS service.

  71. rating empty
    rating full

    FXTrading clients can access 70+ forex pairs with high leverage up to 1:500, fast execution averaging 80ms, excellent liquidity and spreads from zero. A good selection of minors and exotics are available as well as all the majors. New users can start trading forex in 4 easy steps.

  72. rating empty
    rating full

    With over 190 forex spot pairs, EZ Invest outperforms many rivals in terms of access to the currency markets. Users can also choose between desktop software, a webtrader plus a solid mobile app. On the negative side, spreads aren't the tightest on entry accounts.

  73. rating empty
    rating full

    Trade 50+ forex pairs via the MetaTrader 4 and MetaTrader 5 platforms with leverage up to 1:500, immediate execution, deep liquidity and tight spreads.

  74. rating empty
    rating full

    Fortrade offers 60+ currency pairs including a good selection of majors, minors and exotics. Trading takes place via MT4 or Fortrade's proprietary, low-latency terminal, and spreads on the USD/GBP pair average a reasonable 2 pips.

  75. rating empty
    rating full

    FP Markets is a good option for forex traders, with 70+ pairs covering an excellent range of currencies. Spreads are already tight on standard accounts and start from zero on raw spread accounts, and the broker offers high leverage up to 1:500 and top-tier liquidity.

  76. rating empty
    rating full

    IronFX continues to offer a strong selection of 80 currency pairs. You can trade through the market-leading MT4 platform with a range of forex market research tools. That said, commission charges in the zero-spread accounts are high, starting from $13.50 per lot.

  77. rating empty
    rating full

    Trade 80+ major, minor and exotic forex pairs. This is a very competitive range of currency pairs with 50+ exotics to choose from, and traders will benefit from fast execution and support from extra features including a pip calculator. The MetaTrader 4 software was also designed for online forex trading.

  78. rating empty
    rating full

    Libertex offers CFD trading on 50+ forex pairs, offering long and short opportunities. Its strength comes in its tight spreads – we were offered 0.2 pips for EUR/USD.

  79. rating empty
    rating full

    NordFX offers a modest range of 33 major and minor forex pairs. Disappointingly, there are no exotic pairs, though traders do benefit from tight spreads from 0.0 pips and low commissions from 0.0035% per side.

  80. rating empty
    rating full

    HYCM offers 40+ forex pairs, with most available to trade on either the MT4 or MT5 platform. The maximum leverage on offer is 1:30 in accordance with regulations, and tight spreads start from 0.2 on the Raw account and from 1.2 on the commission-free Classic account.

  81. rating empty
    rating full

    FXOpen clients can trade 50+ forex pairs (28 on micro accounts) with leverage up to 1:30. Fees are competitive with spreads starting from zero with a small commission on ECN accounts, and slightly wider spreads and no commission on STP accounts.

  82. rating empty
    rating full

    Trade 45 major, minor and exotic forex pairs. This is an average range, but the broker offers attractive and very competitive tight floating spreads from 0.3. Useful features including a news feed set the broker apart from many rivals and can help plan forex strategies.

  83. rating empty
    rating full

    Hantec Markets offers a limited range of 30+ forex pairs – less than most top brands, including Pepperstone with 100+. That said, market execution is rapid based on tests, and spreads are competitive starting at just 0.2 pips. This, combined with access to the popular MT4 platform with 30+ technical indicators, ensures a relatively complete trading experience for short-term currency traders.

  84. rating empty
    rating full

    With 60+ currency pairs available, Dukascopy offers enough majors, minors and exotics to keep most forex traders happy. The broker also offers high leverage up to 1:100 – a good amount to see from a reputable and regulated broker. Currency traders have access to excellent software, including MT4 and JForex.

  85. rating empty
    rating full

    Speculate on popular currency pairs with flexible leverage up to 1:500 and zero-pip spreads in the GO Plus account. Commission-free trading is available with micro, mini and standard forex contract sizes.

  86. rating empty
    rating full

    Tier 1 liquidity on an impressive range of 189 currency pairs and spot metals, plus 130 forwards, from 0.4 pips.

  87. rating empty
    rating full

    Trade on 60+ forex pairs with no commission and competitively tight spreads from 0.6 on major pairs such as EUR/USD. This is a good selection of forex pairs and excellent pricing for commission-free trading, well below the industry average.

  88. rating empty
    rating full

    Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.

  89. rating empty
    rating full

    ThinkMarkets offers 46 currency pairs, which is around the industry average. Forex traders can benefit from tight 0.0-pip spreads for EUR/USD during peak market hours. Additionally, the ThinkTrader proprietary platform offers an impressive 125+ technical indicators - ideal for complex forex strategies.

  90. rating empty
    rating full

    CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.

  91. rating empty
    rating full

    FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.

  92. rating empty
    rating full

    Trade FX pairs with tight spreads & leverage.

  93. rating empty
    rating full

    easyMarkets continues to offer 60+ forex pairs including majors, minors and a selection of exotics, with fixed spreads from 1.8 pips or variable spreads from 0.8 pips. FX traders can access advanced trading software in MetaTrader, as well as very high leverage up to 1:2000.

  94. rating empty
    rating full

    Fusion Markets offers an excellent selection of 90+ currency pairs, providing a range of short-term trading opportunities. It continues to excel for its ultra-tight spreads from 0.0 pips and exceptionally low commissions of $2.25 per side. You also get access to leading forex software in MetaTrader 4.

  95. rating empty
    rating full

    Trade 24 forex pairs via binary options. Such a small range of currency pairs is not that unusual among binary options brokers, and BinaryCent's high payouts up to 95% compensate for the lack of range.

  96. rating empty
    rating full

    FXCM offers an average range of 40+ currency pairs, although there are no commissions and spreads are competitive from 0.78 pips for EUR/USD. The broker also offers 3 forex baskets covering USD, Yen and emerging markets benchmarks.

  97. rating empty
    rating full

    InstaForex's range of 100+ currency pairs is among the largest we have seen. ECN spreads are also available from 0.0 pips with zero commissions. Minimum deposits start from $1 making the broker accessible for beginners. You can also access market-leading forex analysis and insights.

  98. rating empty
    rating full

    Trade 200 CFD forex pairs with DMA pricing and tight spreads, ultra low latency and high leverage up to 1:1000. The range of forex pairs available and pricing model are among the most attractive in the African market.

  99. rating empty
    rating full

    Capital.com offer a long list of forex CFD pairs for trading. All have competitive spreads. The firm also ensures negative balance protection

  100. rating empty
    rating full

    Trade over 180 major, minor, and exotic forex pairs on the Trading 212 platform, featuring floating spreads and leverage up to 1:30. It’s important to note, though, that the forex broker has a history of adjusting margin requirements without providing adequate notice. As a result, CMC Markets is a better pick for forex traders with more currency pairs and a cleaner record.

GBP/JPY Explained

GBP/JPY is forex trading terminology for the value of the Great British Pound against the Japanese Yen. It is displayed as a single number. For example, if the GBP/JPY is 144, this means 1 Pound would buy 114 Yen.

The GBP is the fourth most traded currency in the world, behind the JPY in third place. Therefore, this cross pair is one of the most liquid in the forex trading world. However, it is also one of the most volatile. The Geppy trading graph is known to move dramatically, turning huge upside into loss in a short time span. The average daily range between 2014-2020 was 146 pips, compared to just 96 for the EUR/JPY.

GBP/JPY History

Any experienced forex trader knows that exchange rates are heavily influenced by world news. Keeping a keen eye on Bloomberg, Google and Yahoo Finance for political and economic changes is common. This is known as fundamental analysis. Beyond the price chart, an understanding of the history of the GBP/JPY will aid future price analysis.

The Lost Decade

The period between 1991 and 2001 is sometimes known as the Lost Decade in Japan’s economic history. The Japanese economy was stagnant in this era, with GDP growing around 1%. Other developed economies grew much more at this time. The Bank of Japan began quantitive easing in order to prevent deflation. Discussion continued into whether the Lost Decade would extend into 2021 as numerous disasters, including the 2011 Tōhoku earthquake and tsunami, plus the Covid-19 pandemic, continued to batter the JPY.

2008 Financial Crisis

In the 2008 Global Financial Crisis, the GBP/JPY showed excessive volatility beyond that seen by other currency pairs. While the EUR/USD value moved around 3,300 pips, the Dragon lost a staggering 7,000 pips at one point. The outlook was bleak for those who stopped out. But for those with the right strategy, there were profits too.

The Brexit Era

Global trade of GBP has been rocked by the vote to leave the EU. Uncertainty surrounding the British economy has reduced the desire to trade Sterling. Whilst volatility around the result in June 2016 bought profits for some, for others, Brexit meant a move away from the EU market, and therefore, less security.

To continue with up-to-date fundamental analysis on the GBY/JPY, keep an eye on economic calendars along with trading blogs and forum commentary.

GBP/JPY Trading Strategy

The best trading strategies take into account more than just news. Technical analysis involves looking at historical prices to predict the profitability of a buy or sell position in the future. UK traders use charts, indicators and signals to help identify trends. Each of the following trading strategies will involve identifying patterns in the data when trading GBP vs JPY.

Breakout Strategy

GBP/JPY is known for its extreme volatility, so many traders use the breakout trading strategy to profit from this. A breakout strategy involves monitoring market data for a break in the price level. Once a breakout is made, the expectation is the price will continue to trend in that direction. Traders who correctly forecast a trend early using the breakout method will make a profit. But, it’s important to utilise a stop loss as investing incorrectly could bring unwanted downside.

Day Trading

Day trading the GBP/JPY means never holding a position overnight. Margin and roll-over fees are charged by brokers when you hold a position outside of trading hours. Day traders typically avoid these fees by closing trades within a short time span – sometimes minutes. The best time to trade GBP/JPY is between 8am and 9am GMT when both markets are open. This is when the pair is most liquid which means tighter spreads and better prices.

Elliott Wave Theory

Technical forecast analysis based on Elliott Wave theory is popular among forex traders. Ralph Elliot developed the theory in the 1930s after an amazing prediction of a stock market bottom. Elliott describes how patterns in the data form ‘waves’ which indicate which way a market, such as the GBP/JPY, is likely to move next. Indicators and trading signals based on the Elliott Wave Theory are available for download onto your MetaTrader platform when trading the GBP/JPY.

Scalping

Scalping the GBP/JPY is a high-risk game because of the Geppy’s stark price movements. However, the strategy is also popular because of the potential reward. Scalping involves making short sharp trades that are held for a limited time period, sometimes just a few seconds, to accumulate profits. Numerous small profits add up to impressive sums if they are frequent enough. Successful scalping traders will be extremely disciplined to ensure that most trades are profitable since frequent losses can add up. Close monitoring of realtime live forex charts is vital.

Price Action

Another technical analysis strategy for trading the GBP/JPY is price action. This system involves looking at the pairs price movements on candlestick charts and setting personal thresholds which trigger actions. Traders using price action look for support and resistance lines. For example, if the current price reaches the target of 165, the trader believes it has entered a bullish phase and will continue to rise. Therefore, they will make the personal decision to go long. However, another trader might believe that a fall in value will follow. In this case, the prediction is a bearish phase and they will go short. Identifying daily pivot points helps traders build a price action strategy. Theories should be tested before executing on live trades.

Other popular strategies including utilising a difference in interest rates to perform a carry trade. The Yen tends to be a low yield currency while Sterling is high yield, making it suitable for holding positions overnight. Those with less time for analysis can utilise an Expert Advisor, i.e an automated trading robot to execute trades.

Correlations

Traders looking to understand how to trade GBP/JPY successfully need to understand correlations. Since currencies are traded in pairs and some economies are closely tied, currency pairs can move in the same direction over long periods of time. For example, in the pre-Brexit era, Sterling and the Euro might have been closely correlated as the two economies were closely tied.

The Yen tends to be negatively correlated with gold prices. Gold is seen as a safe investment in times of economic turmoil. Conversely, Yen is seen as a currency safe haven. Traders moving out of gold can sometimes move into Yen.

Correlations can change over time. Therefore it’s important to test your GBP/JPY correlation assumptions by looking at historical data. Using a forex correlation calculator can help with this.

Final Word On GBP/JPY

The key to trading the GBP/JPY is to understand the nature of the beast. Its volatility and liquidity makes it a popular pair to trade spot forex, ETFs, futures and options with. But its inherent risks should also be recognised. Keep a close eye on the Yen exchange rate forecast and daily outlook for trends that might lead to upside.

Find out more about forex trading.

FAQ

What Does It Mean To Trade GBP/JPY?

The term GBP/JPY refers to the currency pair of the Great British Pound and Japanese Yen. It is also sometimes referred to as the Geppy, Dragon or the Beast. It is displayed as a single number (e.g 144). This means that 1 GBP will buy you 144 JPY.

What Is The Best Strategy For Trading GBP/JPY?

There are many strategies for trading GBP JPY. Profitability depends on the trader’s ability to detect trends. One of the most popular is the breakout strategy. This involves analysing price charts for breakout trends. Other strategies include day trading, scalping and copying free GBP/JPY signals.

What Is The Current Price Of GBP/JPY?

The exact price of the GBP/JPY varies from minute to minute. This allows traders to make a profit between the buy and sell price. The current price can be found by looking at price and bar charts from financial news organisations such as Bloomberg, Google and Yahoo Finance.

Is The GBP/JPY Volatile?

Yes, the GBP/JPY is known to be a volatile currency pair. The daily average price movement is much larger than other majors such as EUR /JPY. This can bring upside as well as downside for traders. Stop losses are important for those choosing to invest.

What Influences The GBP/JPY?

There are many factors that influence the pip value of the GBP/JPY. Important factors include the state of the British and Japanese economies, interest rates, employment rates and national bank policy.