JPY Pairs - Anyone trading?

[sleepy]

Is anyone actively trading JPY pairs such as EURJPY, GBYJPY, USDJPY?

Ive tried trading these but because of the price of each pair $80-135 I cant purchase what I need and keep the correct position sizing.

Just wondering how people get around this and if so what brokers are you using?

sleepy

 

[caribean]

You got it the wrong way around matey, it is how many YEN the US is worth.
Is that what you mean? have you tried placing an order?
Good luck.

 

[sleepy]

yep ... I can trade say 4 mini lots on GBPUSD but if I tried do the same on say USDJPY ... I get error 'minimum quantity to low' ... and would have to put on something like 14-40 lots for it to accept my trade thereby totally screwing my position size

 

[tayser]

Trading 10,000 USD/JPY requires 100USD if you're trading 1:100.

Trading 10,000 GBP/JPY requires 100GBP if you're trading 1:100.

Trading 10,000 EUR/JPY requires 100EUR if you're trading 1:100.

Trading 10,000 AUD/JPY requires 100AUD if you're trading 1:100.

If you're account is denominated in AUD, then you need the AUD equivalent of the above to open a position... the broker uses the live price of the relevant pair. If trading GBP/JPY and you're account is in AUD, the broker uses GBP/AUD to determine whether you have enough margin to open the position i.e 100 * 1.7976 = need 180AUD to open a 10,000 GBP/JPY position.

100 * (1/0.9257 - AUD/USD) = 108AUD to open 10,000 USD/JPY
100 * 1.6327 (EUR/AUD) = 163 AUD to open 10,000 EUR/JPY
100 * 1 (AUD) = 100 AUD to open 10,000 AUD/JPY
100 * (1/1.2699 - AUD/NZD) = 78AUD to open 10,000 NZD/JPY

And so on.

 

[>Apocalypto<]

Is anyone actively trading JPY pairs such as EURJPY, GBYJPY, USDJPY?

I trade the GBP/JPY most days great for short term trading.

 

[i_in]

Is anyone actively trading JPY pairs such as EURJPY, GBYJPY, USDJPY?

Ive tried trading these but because of the price of each pair $80-135 I cant purchase what I need and keep the correct position sizing.

Just wondering how people get around this and if so what brokers are you using?

sleepy

hi dude,
I have a short position in usd/jpy and my opinion is that this downward trend will end somewhere around 70, look at back in my old posts... I wrote but don't saw another view point for discuss
gbp, eur should be long, but my position in pounds was stopped by the trailing stop... too late to take another one. I can take proper attitude already
gl&gt

 

[Ruby]

Hi Sleepy,
I'm wondering just what you are trying to do. Trading the JPY pairs is no different from tading any other pairs when you are talking about the number of contracts and position sizing. Are you getting confused about the value of the Yen?

Ruby

 

[sleepy]

Um ... Sounds like I need to change my broker ...
I was trading through City Index ... with risk of approx $400 (2% - $20,000) depending on no. contracts and like I say had no problems trading mini-lots on non- JPY pairs.

What brokers is everyone using?
And is Interactive Brokers suitable or should I look at only the Forex ones.

sleepy

 

[>Apocalypto<]

What brokers is everyone using?
And is Interactive Brokers suitable or should I look at only the Forex ones.

I use Interactive Brokers and GoMarkets.

 

[nomore4s]

Sleepy I think you're getting confused about the value of the yen

 

[caribean]

Hey you're not trading the YEN futures are you? in that case the yen is the base currency, say JPY/USD instead of USD/JPY.

 

[sleepy]

no Im not trading YEN futures

... must be City Index's rules

e.g.,
USD/JPY (per 0.01) CFD 87.31 87.34

whereas others are ...
GPB/USD (per 0.0001) CFD 1.6680 1.6683

 

[Akuma99]

I have been watching some wolfe waves forming on the yen crosses for a few days .. may be culminating shortly ... did chart this not too long ago but can't post images just yet ...

 

[nomore4s]

Is anyone actively trading JPY pairs such as EURJPY, GBYJPY, USDJPY?

Ive tried trading these but because of the price of each pair $80-135 I cant purchase what I need and keep the correct position sizing.

Just wondering how people get around this and if so what brokers are you using?

sleepy

no Im not trading YEN futures

... must be City Index's rules

e.g.,
USD/JPY (per 0.01) CFD 87.31 87.34

whereas others are ...
GPB/USD (per 0.0001) CFD 1.6680 1.6683

I think you are confused about the yen.

USD/JPY @ 87.34 is 87.34 YEN which is about $1.08 AUD
ie 1 USD buys you 87.34 yen

GPB/USD @ $1.6683 is in USD which is about $1.80 AUD
ie 1 Pound buys you $1.6683 USD

The price of each pair is not $80-$135 it is 80-135 YEN which is only $1-$1.70 which is why you are probably getting the 'minimum quantity to low' error but you should check this with your broker because I don't trade mini lots and I don't trade with City Index.

 

[sleepy]

Thanks for feedback. Very helpful.

Can anyone comment on their experiences trading forex via interactive brokers. Just wondering what advantages/disadvantages are if any (cf a forex only broker)... and can you use the same leverage ... etc

sleepy

 

[forexbd]

I usually trade GBPJPY, but the problem is sometimes it very much volatile.

 

[Knoxy]

Depends on your trading method whether GBPJPY is worth looking at. Because I trade volatility, the pair is consistently top of my list of the highest average daily range. It's been very easy to trade the last few weeks (100+ pts per day profit easy in 250 pt daily range), along with gold.

As for using Interactive Brokers, they have a good reputation. But you have to look at the whole picture. My tax returns have been very complex for the last few years because my accountant has to refer every trade back to AUD as I've had USD accounts with FXCM and TradeStation. Not worth the bother, for me trading account has to be in AUD now. I'm pleased I can do this now through FXCM in Aus.

cheers
Knoxy