Forex Cross
GBP/JPY — British Pound / Japanese Yen
1.0 – 3.5 pips · 120 – 220 pips
GBP/JPY, nicknamed "the Dragon", is one of the most volatile major crosses. It rewards structure-based trend traders with wide stops and destroys undersized accounts that treat it like EUR/USD.
Risk first
Numbers below are typical ranges, not guarantees — spreads, swaps and volatility differ per broker and market regime. Size every position from your stop distance and account risk, never from a fixed lot habit.
Contract specifications
| Spec | Value |
|---|---|
| Contract size | 1.00 lot = 100,000 GBP |
| Pip / tick value | 0.01 → ca. 6.5 – 7 USD / 1.00 lot |
| Typical spread | 1.0 – 3.5 pips |
| Typical daily range | 120 – 220 pips |
| Best trading hours | London session, 07:00–15:00 UTC |
What moves this market
- ▸Risk sentiment plus GBP-specific news — a double beta
- ▸BoE and BoJ policy divergence
- ▸Liquidity gaps outside London hours
Correlations to watch
- ▸Very high to EUR/JPY and to equity indices
- ▸Amplifies any GBP/USD position
How traders approach it
- ▸H1 structure trading with 40–70 pip stops
- ▸London-open momentum continuation
- ▸Reduce size to roughly half of a EUR/USD position
Typical mistakes
- ▸20-pip stops that get hit by ordinary noise
- ▸Revenge trading after one fast reversal
Related instruments
Analyse it in FX CURIO
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