Forex Major
USD/JPY — US Dollar / Japanese Yen
0.2 – 1.2 pips · 70 – 130 pips
USD/JPY is the cleanest expression of the US–Japan interest-rate gap. It trends for months when yields diverge and reverses violently when risk appetite collapses or the Ministry of Finance intervenes.
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 USD |
| Pip / tick value | 0.01 → ca. 6.5 – 7 USD / 1.00 lot |
| Typical spread | 0.2 – 1.2 pips |
| Typical daily range | 70 – 130 pips |
| Best trading hours | Tokyo open and the New York session |
What moves this market
- ▸US 10-year Treasury yields — the dominant driver
- ▸Bank of Japan policy and yield-curve control changes
- ▸Risk sentiment: the yen strengthens in panics
Correlations to watch
- ▸Positive to US yields and often to equity indices
- ▸Negative to gold in risk-off phases
How traders approach it
- ▸Carry-supported trend following on H4/D1
- ▸Buying pullbacks while yields rise
- ▸Standing aside near known intervention zones
Typical mistakes
- ▸Shorting a strong uptrend just because it looks "too high"
- ▸Forgetting the pip is 0.01, which changes position size
Related instruments
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