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USD/JPY from 0 Pips

Compare Forex brokers and accounts with tight USD/JPY spreads. Find the best broker for your Japanese yen carry trades and "BoJ intervention" trades:

HotForex EU

Currenex Account
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AvaTrade

MT4 Floating
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FXCC

ECN Standard
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FXCC

ECN Advanced
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InstaForex

Eurica Account
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FXGiants

Micro Account
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FXGiants

Premium Account
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FXGiants

0 Pips on Majors
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FXOpen

ECN (MT4) Account
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FXPRIMUS

ECN Premier
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FxPro

cTrader
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Japan is an economic powerhouse and the world’s third largest economy behind the United States and China.

The Japanese yen is the third most actively traded currency and the USD/JPY is the second largest currency pair by trading volumes according to the 2010 BIS survey. The depth of its capital markets and the liquidity of its currency make it popular with investors seeking exposure to Asia.

Bank of Japan intervention

The Bank of Japan (BoJ) is an active participant in the foreign exchange markets. The central bank intervenes on a regular basis to correct what it considers to be excessive currency appreciation or depreciation. If you're trading the yen and hold positions overnight, you should be aware that the BoJ can intervene at any time and without notice. If you’re waiting on the sidelines, you’ll want to time your entry carefully as a BoJ intervention can trigger large price jumps.

Carry trades and the Japanese yen

The Bank of Japan has kept interest rates very low since the mid 1990s in an attempt to spur economic growth. The policy of low to nil interest rates has made the Japanese yen a popular choice for carry trades. You could borrow in Japanese yen and re-invest the proceeds into higher yielding currencies to capture the interest rate differential. Carry trades put downward pressure on the yen and go some way towards explaining exchange rate volatility as investors open and unwind positions.

Trading the USD/JPY

The USD/JPY enjoys strong liquidity and low bid ask spreads. Carry trades and BoJ intervention trades create opportunities for discerning traders. This makes the Japanese yen a strong currency for beginners and more experienced foreign exchange traders alike.

Compare USD/JPY spreads and leverage across popular Forex trading accounts with our interactive chart, or find an account that matches your experience and preferences with our broker search tool.

Latest news

USD/JPY: Risks & Key Levels Around Trump's Congressional Address - Deutsche Bank eFXnews

The USD/JPY is trading at the bottom end of its recent range prior to US President Donald Trump's address to Congress tomorrow. Our basic stance is that the correction in the USD/JPY will halt at ¥110-115, but we should be paying closer attention to ... More »

USD/JPY – Yen Steady Ahead of Japanese Industrial Production, Retail Sales MarketPulse (blog)

USD/JPY has started the week with limited movement. Currently, USD/JPY is trading at 112.30. On the economic front, the US releases durable goods orders reports and Pending Home Sales. Japan will release Preliminary Industrial Production and Retail ...and more » More »

Forex technical analysis: USDJPY moves a bit higher after durable goods ForexLive

Technically, the USDJPY has extended a narrow trading range of 43 pips to 58 pips. THe 22 day average trading ranges is 109 pips for the pair (the average for the last month or so of trading). The pair has approached the 112.51-577 area which is home ... More »

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