USD/JPY - US Dollar / Yen - Forex Currency Pair


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USD/JPY Quotes

USD/JPY Analysis


The USD/JPY Currency Pair (U.S. Dollar / Yen) is the exchange rate of U.S. dollar expressed in Yen. It expresses the value of one U.S. Dollar in Yen.

The USD/JPY is the second most traded pair and represents 14% of the total number of transactions on the FOREX in 2010. From 2008 to 2010, the volatility of the Dollar USD / Yen has been about 115 pips.

The pair USD/JPY has also been influenced for many years by the phenomenon of the carry trade. Indeed, for many years, interest rates were kept at 0% by the Bank of Japan. Americans rates controlled by the Federal Reserve have them for many years been much higher than Japanese rates. As a result, investors sold the yen heavily to buy the American dollar which was more profitable.

However, with the crisis, the interest rate differential has narrowed considerably and the phenomenon of the carry trade is no more up to date on this pair. As a result, the yen has appreciated considerably due to the unwinding of carry trades. For a country based on exports such as Japan, this severely penalizes the country's growth.

Since its creation, the USD/JPY has ranged from 0.79 yen, lowest in 2010 and recently reached 140 yen in the early 2000s.

The pair USD/JPY is quoted in 2 decimal places but you can sometimes find 3 with some brokers. The exchange rate is floating and therefore subject to the law of supply and demand on the interbank forex market.

Both central banks linked to the pair Euro / yen are are the Federal Reserve (FED) for the USD and the Central Bank of Japan (BoJ) for the JPY. Like other central banks, the BoJ intervenes regularly directly on the foreign exchange market to control its currency. Thus, it is not uncommon to see significant upward and downward spikes on the pair reflecting an intervention by the BoJ to depreciate the yen in particular to make increase exports of the country.

The decisions taken by both central banks also have a strong impact on the evolution of the pair EUR / JPY (interest rate changes, asset buyback program ....)

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The U.S. Dollar (USD) is the currency of the United States. The U.S. dollar is the most traded currency on the Forex and is present in 85% of total transactions in 2010. In 2001, 90% of transactions were linked to the Dollar. The U.S. dollar is a currency of reference both in the foreign exchange market and in international trade.

The dollar is still considered a safe haven even if the contestations are becoming more numerous. Indeed, the debt of the United States but is becoming alarming, but does not challenge the supremacy of the dollar.

 The dollar is also the most used currency in reserve in the world especially in China which has 2.5 trillion dollars in foreign currency reserves.

In terms of banknotes in circulation, the dollar is the second currency in the world. You can see below a $1 banknote :

The U.S. dollar is controlled by the Federal Reserve (FED) that is responsible for making monetary policy decisions.


The Yen (JPY) is the national currency of Japan. The yen is the third most traded currency on the forex behind the U.S. Dollar and the Euro. The yen is present in 19% of transactions made on the Forex in 2010. This proportion is due to the fact that USD/JPY is the second most traded pair with 14% of total transactions in 2010. Japan remains a hub for the global economy. Japan's growth is mainly due to exports

It is for this reason that the government had adopted a zero interest rate monetary policy to depreciate the yen. This has been for a long time the case with the phenomenon that we know on the USD/JPY. The carry trade has ended with the crisis, significantly enhancing the value of the yen against the dollar and other currencies.

  You can see below a 10000 Yen banknote:
yen jpy

The Japanese currency is controlled by the Bank of Japan (BoJ), which is responsible for making monetary policy decisions.

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