How to trade Japanese Yen
- Open an account to get started or practice on a demo account
- Choose your forex trading platform
- Opening, monitoring and closing positions on the JPY pair
To trade the forex market using correlation, you need an account with a forex provider such as IG. JPY pairs can be found in both the ‘major’ pairs and ‘minor’ pairs tabs on IG’s platform. Many traders monitor major forex pairs such as EUR/USD and USD/JPY for potential opportunities based on customer sentiment. Contrarians may go against the general sentiment of the forex pair, while trend followers may agree with it.
You can use resources such as IG’s Trading Academy to help you develop your forex trading strategy. Once you have your strategy in place, you can follow the steps above to open an account and start trading forex.
Profit or loss is calculated based on the size of the entire position. Leverage magnifies both profits and losses. It is important to manage your risk carefully as your losses may exceed your deposit amount. Before you start trading leveraged products, make sure you understand the risks and benefits involved in trading leveraged products. Trade with funds you can afford to lose.
