As two of the world’s most stable currencies, the JPY/NOK exchange rate provides a safe haven for traders during times of market turbulence. Volatility in the pair also leaves room to make a steady profit when converting JPY to NOK. This page will break down reasons to trade the pair, influences on price movement, using a JPY vs NOK chart, and popular forex principles to follow when investing.
JPY/NOK Trading Brokers
#1 - Forex.com
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."- DayTrading Review Team
- GBPUSD Spread: 1.0
- EURUSD Spread: 1.0
- EURGBP Spread: 1.0
- Total Assets: 80+
- Leverage: 1:50
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
- Free demo account for prospective traders
- Excellent trading tools including Trading Central, SMART Signals and MetaTrader 4
- Respected and trusted broker overseen by tier-one regulators including the US SEC
- $15 monthly inactivity fee
- Investment offering varies between countries
- No copy trading platform
#2 - NinjaTrader
NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.
"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."- DayTrading Review Team
- GBPUSD Spread: 1.6
- EURUSD Spread: 1.3
- EURGBP Spread: 1.6
- Total Assets: 50+
- Leverage: 1:50
- Platforms: eSignal
Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. You can then take positions on large public companies and household names via advanced trading software.
Trade micro Bitcoin futures with low fees and leading charting tools. Get exposure to Bitcoin through CME Group's centralized exchange with robust risk management tools.
NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- Widely respected and heavily authorized by the NFA and CFTC
- Free platform access and trade simulation capabilities
- Industry-leading futures broker with multiple awards
- Non forex and futures trading requires signing up with partner brokers
- Withdrawal fee on some funding methods
- Premium platform tools come with an extra charge
#3 - OANDA US
OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."- DayTrading Review Team
- GBPUSD Spread: 3.4
- EURUSD Spread: 1.6
- EURGBP Spread: 1.7
- Total Assets: 65+
- Leverage: 1:50
- Platforms: MT4, TradingView, AutoChartist
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.
About OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
- US clients accepted
- Reliable, trustworthy and secure brand with authorization from tier-one regulators
- The OANDA web platform offers advanced price charts and graphs
- Customer support not available on the weekend
#4 - Webull
Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.
"Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions."- DayTrading Review Team
- GBPUSD Spread: 0.4
- EURUSD Spread: 0.2
- EURGBP Spread: 0.4
- Total Assets: 15+
- Leverage: 1:4
- Platforms: Own
Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.
Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.
Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
- Promotions with free stocks
- Respected brand with strong regulatory oversight
- No minimum deposit for beginners
- Sometimes sudden changes in trading conditions
- Day trading is limited for customers with less than $25,000 deposited
- High deposit and withdrawal wire fees for non-US residents
#5 - IG Group
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."- DayTrading Review Team
- GBPUSD Spread: 0.9
- EURUSD Spread: 0.8
- EURGBP Spread: 0.9
- Total Assets: 80+
- Leverage: 1:30 (Retail), 1:250 (Pro)
- Platforms: MT4, AutoChartist, TradingCentral
IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
About IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
- Share dealing and ISAs are available for longer term investing
- Over 17,000 assets are available spanning stocks, forex, commodities, baskets, futures, options and more
- 24/5 customer support is available
- Inactivity charge
- No copy trading platform
#6 - Videforex
Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.
"Newer traders will find a lot to enjoy about trading binary options on Videforex's easy-to-use proprietary platform, as well as the broker's copy trading solution. Payouts are also higher than most alternatives climbing to 98%."- DayTrading Review Team
- GBPUSD Spread: Floating from 0.1 pips
- EURUSD Spread: Floating from 0.1 pips
- EURGBP Spread: Floating from 0.1 pips
- Total Assets: 35
- Leverage: 1:500
- Platforms: TradingView
Videforex CFDs are available on forex, indices, cryptocurrencies and commodities with up to 1:500 leverage and tight spreads from near zero. CFDs incur a commission fee of 1%–2.5% and up to 5% for leveraged trades.
Trade binary options and CFDs on global stocks from US, European, Russian and Asian exchanges, as well as 37 indices covering a wide range of global markets. The access to stocks trumps many binary options brokers.
Traders can speculate on crypto prices in pairs with USD and CNY through binary options and CFDs. The range of digital currencies is fairly narrow vs alternatives but major tokens like Bitcoin are available.
Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
- Earn up to 98% payouts on 100+ assets with the broker’s binary options
- You can enter positions with just ¢0.01
- You can trade every day and through the weekends
- The broker isn’t overseen by a trusted regulatory agency
- US clients aren’t accepted due to legal restrictions
- No MetaTrader 4 integration
#7 - Pocket Option
Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.
"We recommend Pocket Option for aspiring binary options traders looking for copy trading services and a low minimum investment."- DayTrading Review Team
- GBPUSD Spread: N/A
- EURUSD Spread: N/A
- EURGBP Spread: N/A
- Total Assets: 50+
- Platforms: MT5
Trade 30 of the most popular American multinational stocks including Microsoft and Google. Payouts on big brands come in at a decent 92% while indices are available up to 67%.
Pocket Option supports major cryptocurrencies on a beginner-friendly app. Over 10 leading cryptocurrencies are available with very high leverage up to 1:1000.
About Pocket Option
Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.
- Clients accepted from over 95 countries
- 50+ payment methods
- Cashback and achievements
- IFMRRC is not a reputable regulator
- Only one account type is available
- No MT4 trading platform
#8 - Just2Trade
Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex day traders.
"Traders seeking a multi-asset broker with an exceptional range of 35,000+ assets, market-leading software and low trading fees should consider Just2Trade. The Try2BFunded program will also appeal to users seeking funded trading accounts."- DayTrading Review Team
- GBPUSD Spread: 0.0
- EURUSD Spread: 0.0
- EURGBP Spread: 0.0
- Total Assets: 50+
- Leverage: 1:20
- Platforms: MT4, MT5, TradingCentral
With CFDs on 20+ Polish and 30+ US stocks, as well as energies and seven global stock indices covering US, UK, European, Australian and Japanese markets, Just2Trade offers a superb selection of global assets.
As well as Just2Trade's 50+ stock CFDs, traders can access a huge variety of thousands of stocks traded on US and international exchanges. The chance to build an investment portfolio and benefit from dividends sets Just2Trade apart from most CFD brokers.
Traders can speculate on a modest selection of the largest cryptos by market cap including Bitcoin. On the downside, crypto trading is only available to clients from Asia which is more restrictive than many alternatives.
Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
- The list of 35,000+ instruments is more than almost any other broker
- STP/ECN broker with fast execution speeds
- Try2BFunded trader development program with funded accounts for clients who reach profit benchmarks
- Cryptocurrency is only available in Asia
- Few standard educational resources compared to other brokers
- Research tools such as stock screeners require third-party applications
#9 - Sage FX
Trade 7 major, 21 minor and 29 exotic forex pairs with high leverage and a choice between STP or ECN accounts. Support is available around the clock and the TradeLocker forex software is provided.
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."- DayTrading Review Team
- GBPUSD Spread: 0.9
- EURUSD Spread: 0.9
- EURGBP Spread: 2.5
- Total Assets: 57
- Leverage: 1:500
- Platforms: TradeLocker
Trade CFDs on forex, stocks, metals, energies, indices, cryptos and dollar futures. Sage FX offers tight spreads and high leverage on all instruments from 1:100 to 1:500.
Speculate on price movements of 37 US and European blue chip stock CFDs, including Adidas, Intel and Volkswagen. On the negative side, the selection of stocks is limited vs alternatives and direct share dealing isn't provided.
Trade CFDs with leverage up to 1:100 on 23 crypto pairs with USD including popular tokens like Bitcoin and Ether and lesser-known options like OMG. On the downside, crypto-only pairs are not offered.
About Sage FX
SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.
- Prop trading accounts with multiple funding tiers
- Ability to deposit and withdraw via Bitcoin
- High leverage up to 1:500
- Lacks educational resources and other extra features
- Relatively narrow range of asset classes
- Not regulated by any reputable body
#10 - ForexChief
ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes.
"ForexChief will prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The large welcome bonus and low starting deposit will also appeal to new traders."- DayTrading Review Team
- GBPUSD Spread: 0.9
- EURUSD Spread: 0.4
- EURGBP Spread: 0.9
- Total Assets: 40
- Leverage: 1:1000
- Platforms: MT4, MT5
ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals. A clear pricing schedule is available to clients with no hidden charges. Traders can also access very high leverage up to 1:1000.
ForexChief offers 100 US company stocks CFDs for MT4 DirectFX and Classic+ account holders. Investors can speculate on the price of some of the world's largest companies, including Apple and Coca Cola. Spreads start from 5.
ForexChief supports crypto trading with five major digital currencies paired against the US dollar. Traders can bet on rising and falling prices with leveraged CFDs and market-leading trading software.
ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
- Low margin rates
- 8 account types to suit different strategies and requirements
- The low minimum deposit of $10 will appeal to beginners
- Weak regulatory oversight
- Limited market research
- Withdrawal fees on several payment methods
Breaking Down JPY/NOK
Firstly, what does the JPY/NOK mean? It is simply the forex quote for the Japanese yen vs Norwegian krone exchange rate. The yen is the base currency, whilst the krone is the counter currency.
Pros Of Trading JPY/NOK
- Safe haven – The JPY is a safe haven currency. This means it is expected to retain or increase in value during times of market volatility. Investing in safe havens can limit your exposure to losses in the event of market downturns.
- Volatility – The JPY can experience volatility when trading to NOK, especially during risk-on / risk-off environments. This, coupled with the safety seen in the JPY, can make investing in the pair an attractive choice for traders looking to make a stable profit.
- Oil prices – Changes in global oil prices can affect the JPY/NOK rate as Japan imports 99% of its oil. Tracking oil prices, therefore, can make the currency pair relatively straightforward to follow.
- Availability of resources – There is an abundance of publicly available economic and government data for both the JPY and NOK. Technical analysis today is also easier than ever before. This is because you can analyse graphs and candlestick charts with customised indicators and sophisticated investing tools.
Influences On Movement
Several factors can influence the JPY to NOK exchange rate. Being aware of these can help you to make accurate forecasts as to which direction the pair is likely to move and by how many pips. This will help you maximise the value of trades.
As with all currencies, economic triggers can cause fluctuations in the value of the JPY/NOK pair.
Norway is one of Europe’s most stable economies. Its economy is well-developed and has shown vigorous growth since the beginning of the industrial period. Japan has a strong industrial base and is home to some of the largest and most technologically advanced producers of motor vehicles, electronics, machinery, steel and nonferrous metals, ships, chemicals, textiles, and processed foods. Both economies are relatively strong, but any instability in either country will affect the value of 1 JPY into NOK.
Currency investors may seek out the NOK when the Euro’s (EUR) value is in doubt. As a result, following appetite in the Euro can prove a useful way to get the inside track on which direction the JPY/NOK will move. Most top forex brokers offer a wealth of data on the Euro and leading currencies.
Norway is Western Europe’s leading oil exporter. Japan is also the fourth largest importer of crude oil and the second biggest importer of natural gas. The country relies on these importations to satisfy domestic energy requirements. This means changes in the global price of crude oil will affect NOK to JPY forecasts.
The Japanese government is implementing a range of economic initiatives to strengthen the economy.
The Bank of Japan’s huge easing program has driven significant weakness in the Japanese yen recently, but any sudden global headwinds, along with further instability in the Eurozone, could see traders moving to safe haven currencies. This will drive the JPY/NOK rate lower.
As a result, day traders need to keep an eye on Bank of Japan (BoJ) interest rates and government announcements, as these will influence the value of the FX pair.
JPY/NOK Technical Analysis
Day traders looking to make a profit from the NOK to JPY rate may need to use a range of charts and converters to make an accurate forecast. You can also use them to measure the pip value for the pair.
A JPY into NOK chart will allow you to observe historical trends and other common exchange rate patterns. These can all help predict future exchange rate moves. MT4, for example, offers user-friendly graphs with a host of drawing tools and overlays.
Using a currency converter ahead of your trade will give you the live value of the JPY to NOK rate, so you can project the value of the trade. A top forex provider, such as TradingView, offers excellent tools such as live exchange rate charts, historical data and real-time quotes.
Principles Of Trading JPY/NOK
When trading JPY to NOK, you will need to develop a good strategy to build into your investing plan. This will significantly increase your chances of success when trading forex.
The popular principles below are common day trading tactics to help you become a successful forex trader.
- Keep up to date with JPY/NOK news – The value of the JPY/NOK rate will change depending on government announcements, decisions on monetary policy, oil prices and more. Keeping up to date with the latest news will enable you to make more accurate projections when trading the JPY/NOK.
- Set aside funds – Look at how much capital you’re willing to risk on each trade and set your pip value accordingly.
- Make time – Day trading takes time. You need time to track the global forex markets and spot opportunities to place your trades at the right moment.
- Start small – Start with small amounts to test out your strategy. This is especially true if you are trading a new currency pair for the first time. Starting small allows you to see what does, and doesn’t work, without risking too much on a first attempt.
- Use limit orders – Set stop losses to help manage your JPY/NOK trades. If the currency pair dips below a certain point, stop losses will automatically exit your trade, meaning you won’t lose too much.
- Stay calm – Forex markets can test your nerves. It’s important to not let emotions get in the way of your strategy. Decisions should be made using logic only.
- Stick to your trading strategy – Developing a strategy in advance is important to make forex trading successful. Having a strategy will help give you a plan and parameters that you can stick to.
Final Word On Trading JPY/NOK
The JPY/NOK forex pair offers a good option for traders looking to invest in a safe haven. While not traded in the significant volumes seen with major FX pairs, trading the NOK to JPY rate still leaves plenty of room to implement effective trading strategies. It’s important to stay on top of the JPY to NOK news, the latest government announcements, economic developments and global oil prices. When investing in JPY/NOK, use a top broker to assess historical trends and predict future price movements.
Why has JPY/NOK been so weak?
The low nominal value of the Japanese yen is a result of World War II. Wartime spending led to massive inflation. At the end of the war, the Japanese yen was valued at 360 yen to 1 US dollar (USD). The strength of a currency is measured not by its change over time but by its nominal value.
Why is the JPY a safe haven?
There are multiple arguments as to why the JPY is a safe haven. Most notably, Japan has a positive net foreign asset position. The Japanese yen also has zero to negative interest rates, making it common for borrowing. When there’s a crisis, people sell their assets and borrow less.
Is JPY/NOK a top currency pair to trade?
Both the JPY and NOK are among leading currencies to buy and sell. The United States Dollar (USD), European Euro (EUR), Swiss Franc (CHF) and Swedish Krona (SEK) are also forecast as popular currencies for online trading.
What time does the forex market move the most?
The most favourable time to trade forex is 08:00 to 12:00. This is when the New York and London forex markets overlap. These two trading centres account for more than 50% of all forex trades.
What are the world’s most stable currencies in 2021?
The Swiss Franc (CHF), Japanese Yen (JPY) and Norwegian Krone (NOK) are the top three most stable currencies in 2021. They provide relatively safe global currencies for generating stable profits.