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In forex trading, currency pairs are often interrelated.
A fluctuation in one currency pair can affect another.
GBP/JPY
Base currency: Pound Sterling
Quote currency: Japanese Yen
Correlation of the GBP/JPY currency pair:
[EUR/GBP] - Inverse correlation, generally shows opposite trends.
[USD/JPY, EUR/JPY] - Positive correlation, follows market risk sentiment.
[USD/CHF] - Positive correlation, generally exhibits similar direction.
Best trading times:
- London and New York sessions: Offer peak liquidity and lower spreads, suitable for trading GBP/JPY.
Whether you are an experienced trader or a novice, understanding the correlation of related currency pairs can enhance your trading strategy!