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AuthorBy Jeffrey Cammack
Updated: September 9, 2022

USD/JPY Background

The USD/JPY is the second most traded currency pair in the world, only the EUR/USD has a higher trade volume. Traditionally seen as a bellwether for the health of the wider Asian economy, the USD/JPY is heavily influenced by economic developments in the USA and Japan and its neighbours – especially China.  Since US-Asian economic ties are the driver of the global economy, the USD/JPY is often seen as an indicator of broader global economic health.

Both the JPY and the USD are haven currencies, so this pair often features less volatility than other major pairs, which may put off some traders. The price movement of the USD/JPY is usually most active between the Asian open and the European open. Because it is so heavily traded, spreads on the USD/JPY are usually very tight – sometimes lower than 1 pip.

Common events that affect the price movement of the USD/JPY are major announcements on interest rates by the Bank of Japan and the Federal Reserve and the release of economic data that measures the economic health of Asia and the USA. USD/JPY is especially popular with institutional traders, banks, and multi-national corporations. It is often used for hedging purposes, offsetting currency risk for manufacturers and multi-national exporters and importers.

The table below shows the Forex brokers with the lowest trading costs for USD/JPY, including the spread and commission. It also details the industry average spread and industry average trading cost for 1 lot of USD/JPY.

Best USDJPY Forex Brokers

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Broker
Overall Rating
Official Site
Min. Spread
Commission
Cost of Trading (USD)
Ind. Avg. Spread
Ind. Avg. Trading Cost
Max. Leverage (Forex)
International Regulators
Trading Desk
Hedging
Scalping
Compare
IG Markets
4.69 /5
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Your capital is at risk
1.26 pipsUSD 0USD 12.601.23 pipsUSD 16.76200:1FCA Regulated BrokersASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionenMarket Maker
Capital.com
4.68 /5
Read Review
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Your capital is at risk
0.80 pipsUSD 0USD 81.23 pipsUSD 16.76200:1FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersMarket Maker
MarketsX
4.64 /5
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3.00 pipsUSD 0USD 301.23 pipsUSD 16.76300:1FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionMarket Maker
Pepperstone
4.61 /5
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Your capital is at risk
0.60 pipsUSD 0USD 61.23 pipsUSD 16.76400:1FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityNDD
HFM (Hotforex)
4.49 /5
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1.70 pipsUSD 0USD 171.23 pipsUSD 16.761000:1CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services CommissionThe Seychelles Financial Services AuthoritySTP
Tickmill
4.48 /5
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Your capital is at risk
0.10 pipsUSD 4USD 51.23 pipsUSD 16.76500:1CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthoritySTP
IC Markets
4.46 /5
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Your capital is at risk
0.74 pipsUSD 0USD 7.401.23 pipsUSD 16.76500:1CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityECN/DMA
AvaTrade
4.38 /5
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Your capital is at risk
1.00 pipsUSD 0USD 101.23 pipsUSD 16.76400:1ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCySEC Regulated BrokersCentral Bank of IrelandMarket Maker
Admiral Markets
4.34 /5
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Your capital is at risk
1.00 pipsUSD 0USD 101.23 pipsUSD 16.76500:1ASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersSTP
Axi
4.34 /5
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Your capital is at risk
1.30 pipsUSD 0USD 131.23 pipsUSD 16.76500:1FCA Regulated BrokersASIC Regulated Forex BrokersFinancial Markets Authority of New ZealandDubai Financial Services AuthorityECN/DMA

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