Trading JPY/NOK
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
- OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
- AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
Trading JPY/NOK Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator | Visit |
|---|---|---|---|---|---|---|
|
65+ | 1.6 | 4 / 5 |
$0 | NFA, CFTC | Visit |
|
55+ | 0.0 | 4 / 5 |
$50 | FCA, ASIC, FSCA, VFSC | Visit |
|
75 | 0.02 | 4.8 / 5 |
$200 | ASIC, CySEC, FSA | Visit |
|
50+ | 0.9 | 4.3 / 5 |
- | ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM | Visit |
|
80+ | 1.2 | 4.9 / 5 |
$100 | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA | Visit |
|
100+ | 0.1 | 4.7 / 5 |
$0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB | Visit |
|
55+ | 1.6 | 4.7 / 5 |
$5 | ASIC, CySEC, DFSA, FSC, FSCA | Visit |
|
50+ | 0.0 | 3.6 / 5 |
$100 | ASIC, FCA, xCySEC, SCB | Visit |
|
45+ | Variable | 3 / 5 |
$0 | - | Visit |
|
60+ | 14 pips | 4.5 / 5 |
$10 | - | Visit |
|
50+ | 1.2 | 4 / 5 |
$10 | FSC, FSA | Visit |
|
70+ | 1.58 pips (Ave) | 2.5 / 5 |
$100 | FCA, CySEC, FSCA, SCB, FSC | Visit |
|
70+ | 0.2 | 3.4 / 5 |
$0 | CySEC | Visit |
|
70+ | 1.0 | 4.8 / 5 |
$0 | FCA, CySEC, KNF, CNMV, DFSA, FSC | Visit |
|
60+ | 0.6 | 5 / 5 |
$100 | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA | Visit |
#1 - OANDA US
Why We Chose OANDA US
OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
- DayTrading Review Team
- GBPUSD Spread: 3.4
- EURUSD Spread: 1.6
- EURGBP Spread: 1.7
- Total Assets: 65+
- Leverage: 1:50
- Platforms: OANDA Trade, MT4, TradingView, AutoChartist
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 for short-term traders, alongside flexible contract sizes and automated trade executions.
Pros
- Day traders can enjoy fast and reliable order execution
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
Cons
- There's only a small range of payment methods available, with no e-wallets supported
- It's a shame that customer support is not available on weekends
- The range of day trading markets is limited to forex and cryptos only
#2 - Vantage
Why We Chose Vantage
Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
- DayTrading Review Team
- GBPUSD Spread: 0.5
- EURUSD Spread: 0.0
- EURGBP Spread: 0.5
- Total Assets: 55+
- Leverage: 1:500
- Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade
About Vantage
Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
Pros
- The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
- The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- Unfortunately, cryptos are only available for Australian clients
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
#3 - IC Markets
Why We Chose IC Markets
IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- GBPUSD Spread: 0.23
- EURUSD Spread: 0.02
- EURGBP Spread: 0.27
- Total Assets: 75
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
About IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
Pros
- With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
Cons
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
#4 - AvaTrade
Why We Chose AvaTrade
AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- GBPUSD Spread: 1.5
- EURUSD Spread: 0.9
- EURGBP Spread: 1.5
- Total Assets: 50+
- Leverage: 1:30 (Retail) 1:400 (Pro)
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
About AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
Pros
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- The broker offers reliable 24/5 multilingual customer support with fast response times during testing
Cons
- Traders from the US are not accepted
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
#5 - FOREX.com
Why We Chose FOREX.com
FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team
- GBPUSD Spread: 1.3
- EURUSD Spread: 1.2
- EURGBP Spread: 1.4
- Total Assets: 80+
- Leverage: 1:200 (Retail), 1:500 (Pro)
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
About FOREX.com
Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
Pros
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
Chart
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.
Economic Influence
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.
The Euro
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. Many of the best forex trading platforms offer a wealth of data on the Euro and leading currencies.
Oil Prices
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.
Government Intervention
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 forex broker to assess historical trends and predict future price movements.
FAQ
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.