USD/JPY with FxPro Japan — the Yen-Quoted Pip and Its Swap
A measured profile of trading USD/JPY at FxPro — spread, all-in cost, overnight swap, volatility and execution, from our own Raw+ feed.
Open FxPro Account →On our measured Raw+ data, FxPro's USD/JPY spread runs at a median of 0.3 pips and costs about $8.94 all-in per standard lot, at or below an independent interbank reference. Daily range averages 128.7 pips. The full measured profile is below.
USD/JPY spread and cost (measured)
What USD/JPY actually costs on FxPro’s Raw+ feed, measured tick by tick, and how the spread compares with an independent interbank reference feed:
| Measure | USD/JPY on Raw+ (measured) |
|---|---|
| Median spread | 0.3 pips (min 0.3, p90 0.5) |
| All-in cost / lot | $8.94 (1.38 pips break-even) |
| Commission (Raw+) | $7.00 round-turn |
| Spread vs reference | −0.09 pips |
All-in cost is the spread plus the $7 Raw+ commission per standard lot; break-even is the move needed to cover it. Full distribution on our live spreads page.
When to trade USD/JPY
The hours with the most price range for the spread you pay (measured tradability), in FxPro server time with JST in brackets:
| Best hours | Avg range | Spread |
|---|---|---|
| 11:00 (18:00 JST) | 56.1 pips | 0.3 pips |
| 15:00 (22:00 JST) | 61.1 pips | 0.356 pips |
| 16:00 (23:00 JST) | 49.6 pips | 0.3 pips |
Thinnest hours, where range barely covers the spread: 01:00 (08:00 JST), 23:00 (06:00 JST), 00:00 (07:00 JST). Server time is about UTC+3.
USD/JPY overnight swap and carry (measured)
What it costs (−) or pays (+) to hold USD/JPY overnight, and the net cost to hold over time (spread plus accumulated swap), per standard lot:
| Measure | Per standard lot |
|---|---|
| Swap long / night | +$4.47 (+1.63% a year) |
| Swap short / night | −$18.11 (−6.61% a year) |
| Hold long 1d / 1w / 1mo | $4.47 / −$22.35 / −$125.16 |
| Hold short 1d / 1w / 1mo | $27.05 / $135.71 / $552.24 |
| Triple swap | Wednesday night |
Carry % is the annualised swap yield; a negative hold cost means the position earns over that period. All pairs on our swap rates page.
USD/JPY volatility and daily range (measured)
How much USD/JPY actually moves — useful for sizing stops, targets and weekend risk:
| Measure | Measured (last 14 days) |
|---|---|
| Avg daily range | 128.7 pips |
| Annual volatility | 9.01% |
| Busiest weekday | Thursday |
| Avg weekend gap | 10.9 pips |
Average daily range is the mean high-to-low; volatility is annualised from daily closes; the weekend gap is the average Friday-to-Monday jump.
USD/JPY trading character (measured)
The measured personality of USD/JPY — how it tends to move, handy when picking a strategy:
| Measure | Measured |
|---|---|
| Market style | mixed (efficiency ratio 0.39) |
| Volatility regime | expanding |
| Up days | 58% |
| Best / worst day | 150 / -391 pips |
| Downside volatility | 10% a year |
| Carry-to-volatility | 0.181 |
Market style (trending vs mean-reverting) comes from the efficiency ratio; up days is the share of days that closed higher; downside volatility annualises only the losing days. Measured over the recent window — not a forecast.