USDJPY

Written by Nadav Zelver

Reviewed by Wikitoro Team

Prelude

USDJPY, the currency pairing of the US Dollar and the Japanese Yen, is a prominent ticker in the forex market, representing the exchange rate between USD and JPY. Renowned for being one of the most popular and liquid currency pairs, second only to EURUSD, it is highly favored by forex traders. Its appeal lies in the volatility and consistent activity it offers, even during Asian trading hours, ensuring it remains an active pair around the clock.

Known colloquially as 'the Ninja' or 'the Gopher,' USDJPY is available for trading on eToro's platform. This guide I created will provide detailed insights and personal experiences to enhance your understanding of trading this pair.

Key Advantages of Trading USDJPY on eToro

Based on my experience, I've outlined the top benefits of investing in this pair on the platform.

• User-Friendly Interface: The platform is designed for ease of use, accommodating both novice and experienced traders.
• Flexible Trading Schedule: It enables trading at your convenience, fitting various lifestyles and trading strategies.
• Leverage Options: eToro offers leverage, allowing traders to open larger positions with a smaller capital commitment, which can amplify potential gains (while also increasing potential risks).

Remember: You are Trading USDJPY via CFD

When trading USDJPY on eToro, it's important to realize that you're engaging in CFD (contract for difference) trading, which means you're speculating on currency price movements rather than physically exchanging USD for JPY. Crypto CFDs/ Leverage trading is restricted for users under FCA. 

The attraction of CFD trading lies in its ability to allow traders to speculate on forex market movements without the need for owning the actual currencies.

USDJPY Trading Page

Upon accessing the USDJPY asset page on eToro, you'll land on the "Overview" section, which serves as the primary information hub. Here, you'll encounter several key elements:

• Graph: This displays the asset's performance over time.
• About: Provides concise information about the USDJPY pair.
• Latest News: Offers the most recent news relevant to the pair, sourced from CityFALCON.
• People Also Bought: Highlights other currency pairs that are currently popular among traders.
• Copy Investors: Features a list of top-performing traders investing in this pair. Clicking the "Copy" button next to a trader's name will direct you to the copy trading window.
• Discussions: Here, you can engage with posts and conversations from other traders interested in USDJPY. The feed allows filtering for top discussions or viewing all discussions. You also have the option to like, comment on, or share these posts.

Integrated Trading Tools

What I particularly appreciate about eToro's platform are the integrated tools that enhance trading this asset:

• Chart: Offers a live chart for USDJPY, customizable to display time gaps from 1 minute to 1 week.
• News: Keeps you updated with the latest developments about USDJPY, powered by CityFALCON. It also indicates the news mood as positive, negative, or neutral. The "Sentiment Trends" section below the news quantifies the general sentiment about the pair, displaying a chart with the 30-day average sentiment, average sentiment, and top stories for each day.

Investing in USDJPY via eToro

Curious about how can I trade USDJPY on eToro? The process is straightforward and involves just a few simple clicks.

To trade USDJPY, simply search for the underlying asset on eToro, choose "BUY" or "SELL," enter your investment amount, set your trading preferences, and execute the trade. This streamlined process makes it easy to engage in USDJPY trading on the platform.

And That's a Wrap!

Voilà! That covers everything essential for trading the USDJPY pair on this broker's web-based platform or mobile app. Keep in mind the tips I've outlined in this guide, and be sure to these in your eToro forex trading journey!