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
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire TransferUSD -
3
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
4
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMAStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
6
Videforex20% to 200% Deposit Bonus
$250$0.011:500Binary Options, CFDs, Forex, Indices, Commodities, CryptoTradingViewSkrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum PaymentsUSD, EUR, GBP, AUD, RUB -
7
InstaTrade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.011:1000BVI FSCFISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, FuturesInstaTrade Gear, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, Bitcoin Payments, Ethereum PaymentsUSD, EUR, RUB -
8
IQCent20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
9
Sage FX$1,500 trading competition
$100.01 Lots1:500PendingForex, indices, cryptosTradeLockerCredit Card, Visa, Mastercard, Bitcoin Payments, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD -
10
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySECCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR
Here is a summary of why we recommend these brokers:
- 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.
- NinjaTrader - NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).
- 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.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
- Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
- 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.
- InstaTrade - InstaTrade offers a huge selection of around 100 currency pairs. It provides spreads starting at 0.0 on majors, plus integrated forex analysis in the web platform, featuring signals, plus technical and fundamental summaries. Additionally, InstaTrade offers educational modules covering forex basics for beginners, including margin trading and risk management.
- IQCent - IQCent traders can access CFDs or binary options on 45+ forex pairs. CFD spreads start from 0.3 pips and binary options payouts are decent up to 95%. This is competitive compared to Pocket Option, for example, offering forex payouts up to only 81%.
- 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.
- RedMars - RedMars strongest investment category is forex with more than 50 currency pairs, from majors to minors and exotics. Spreads start from 0.0 pips, catering to active currency traders, and leverage can reach 1:500. However, there are no forex heatmaps or research tools to support aspiring forex traders.
Trading JPY/NOK Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
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80+ | 1.2 | / 5 | $100 | NFA, CFTC |
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50+ | 1.3 | / 5 | $0 | NFA, CFTC |
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65+ | 1.6 | / 5 | $0 | NFA, CFTC |
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80+ | 0.8 | / 5 | $0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
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100+ | 0.08-0.20 bps x trade value | / 5 | $0 | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA |
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35 | Floating from 0.1 pips | / 5 | $250 | - |
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65 | 0.0 | - | $1 | BVI FSC |
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49 | 0.3 | / 5 | $250 | IFMRRC |
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57 | 0.9 | - | $10 | Pending |
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50+ | 0.7 | - | €250 | CySEC |
FOREX.com
"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."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| GBPUSD Spread | 1.3 |
| EURUSD Spread | 1.2 |
| EURGBP Spread | 1.4 |
| Total Assets | 80+ |
| Leverage | 1:50 |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- 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.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- 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.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
Tobias Robinson, Reviewer
NinjaTrader Quick Facts
| GBPUSD Spread | 1.6 |
|---|---|
| EURUSD Spread | 1.3 |
| EURGBP Spread | 1.6 |
| Total Assets | 50+ |
| Leverage | 1:50 |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Account Currencies | USD |
Pros
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- You can get thousands of add-ons and applications from developers in 150+ countries
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
Cons
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
OANDA US
"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."
OANDA US Quick Facts
| GBPUSD Spread | 3.4 |
|---|---|
| EURUSD Spread | 1.6 |
| EURGBP Spread | 1.7 |
| Total Assets | 65+ |
| Leverage | 1:50 |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- Day traders can enjoy fast and reliable order execution
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
Cons
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
Cons
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| GBPUSD Spread | 0.08-0.20 bps x trade value |
|---|---|
| EURUSD Spread | 0.08-0.20 bps x trade value |
| EURGBP Spread | 0.08-0.20 bps x trade value |
| Total Assets | 100+ |
| Leverage | 1:50 |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
Videforex
"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 also remain higher than most alternatives climbing to 98%."
Videforex Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| 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 |
| Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Global clients can make free and fast transfers via a wide range of payment types, from credit cards to cryptocurrencies
- You can easily mirror the trades of experienced investors with low fees
- Videforex allows you to enter positions with just ¢0.01
Cons
- The broker isn’t overseen by a trusted regulatory agency
- No MetaTrader 4 integration
- US clients aren’t accepted due to legal restrictions
InstaTrade
"Although InstaTrade offers active trading on a comprehensive platform, it stands out with its fairly unique Fixed Income Structured Product (FISP), providing passive investment opportunities with up to 50% returns in 6 months if conditions are met. "
InstaTrade Quick Facts
| GBPUSD Spread | 0.2 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 2.8 |
| Total Assets | 65 |
| Leverage | 1:1000 |
| Platforms | InstaTrade Gear, MT4 |
| Account Currencies | USD, EUR, RUB |
Pros
- VPS hosting caters to algo trading strategies with a dedicated physical server providing rapid execution speeds as low as 9 milliseconds.
- InstaTrade TV, consisting of video interviews and valuable market insights spanning equities, cryptos and more, helps identify opportunities and inform short-term trades.
- InstaTrade delivers an excellent suite of charting tools for day traders with its web trader comprising 250+ indicators, 11 chart types and a user-friendly design.
Cons
- InstaTrade sports one of the most cluttered websites and client cabinets in the industry, potentially overwhelming new traders, especially compared to XTB’s intuitive trading journey and resources.
- Marketing of the FISP, especially phrasing around the “guarantee of profitability” and the “elimination of risks of trading on financial markets” raises concerns.
- Profits are only guaranteed in the FISP if investors do not reach the 50% profit level and attract other users with a total sum of $4 for each dollar in compensation.
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| GBPUSD Spread | 0.8 |
| EURUSD Spread | 0.3 |
| EURGBP Spread | 0.8 |
| Total Assets | 49 |
| Leverage | 1:500 |
| Platforms | Online Platform, TradingView |
| Account Currencies | USD, EUR |
Pros
- There's an accessible $0.01 minimum stake for new day traders with a small budget
- The broker's 24/7 customer support is fast and reliable, responding within 1 minute during tests
- CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD
Cons
- There's no automated trading support for algo traders
- IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
Sage FX
"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."
Sage FX Quick Facts
| Bonus Offer | $1,500 trading competition |
|---|---|
| GBPUSD Spread | 0.9 |
| EURUSD Spread | 0.9 |
| EURGBP Spread | 2.5 |
| Total Assets | 57 |
| Leverage | 1:500 |
| Platforms | TradeLocker |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Low starting deposit from $10
- Bonus offers and trading competitions
- High leverage up to 1:500
Cons
- Relatively narrow range of asset classes
- Not regulated by any reputable body
- Lacks educational resources and other extra features
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| GBPUSD Spread | 0.7 |
|---|---|
| EURUSD Spread | 0.7 |
| EURGBP Spread | 1.1 |
| Total Assets | 50+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | MT5 |
| Account Currencies | USD, EUR |
Pros
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
Cons
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
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 secure seen in the JPY, can make investing in the pair an attractive choice for traders looking to make a 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.
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
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.