GBP
JPY
What GBP/JPY is
GBP/JPY shows the price of one British pound in Japanese yen. GBP is the base currency, the one you buy or sell. JPY is the quote currency, the one the price is expressed in. When the quote rises, the pound is buying more yen. When it falls, the pound is buying fewer yen.
Neither currency is the US dollar, so traders call GBP/JPY a cross. Its price follows the pound and the yen against the dollar, which is why traders often watch GBP/USD and USD/JPY alongside it. For how pairs are grouped, see majors, minors and exotics.
Reading the quote
A platform shows two prices:
- Bid is the price at which you can sell.
- Ask is the price at which you can buy.
The gap between them is the spread, the main built-in cost of a trade.
Pip size and pip value
A pip is the standard unit of price movement. Yen pairs are quoted with fewer decimal places than pairs such as GBP/USD, so on GBP/JPY the pip sits closer to the decimal point. MetaTrader also shows an extra digit after the pip. That digit is a fraction of a pip, called a point. Check the digits for the symbol in the platform's contract specification.
Pip value is fixed in yen for a given lot size, because yen is the quote currency. Your account is probably in USD or another currency, so the pip value in your account currency changes whenever the yen rate moves. Use the calculator below instead of a rule of thumb.
Fill in the empty fields to see the result.
GBP/JPY often covers a wide range in pips during a day compared with many other pairs. That makes position size and stop distance especially important. See risk management.
What tends to move the pound
- Bank of England policy. Rate decisions, the vote split and the wording of guidance change expectations for UK rates.
- UK CPI and wages. Inflation and earnings data shape how markets expect the BoE to act.
- Gilt yields. UK government bond yields reflect rate expectations and fiscal confidence.
- UK fiscal news. Budgets, borrowing plans and political events can move gilts and the pound together.
What tends to move the yen
- Bank of Japan policy. Rate decisions and the BoJ's stance on government bond yields (yield-curve control and how it has been eased) are central.
- The US–Japan yield gap. A wider gap in favour of US yields has tended to weigh on the yen, and a narrower gap has tended to support it. This also feeds into GBP/JPY.
- Safe-haven demand. In periods of market stress the yen is often bought, and that can push GBP/JPY down sharply.
- Ministry of Finance intervention risk. Japan's MoF can step in to support the yen. Statements from officials can move the pair, and actual intervention can cause sudden large moves.
Any GBPJPY analysis combines these factors. They explain why the pair moves. They do not tell you where it will go. See fundamental analysis and technical analysis.
Liquidity by session and spread behaviour
- Asian session (Tokyo). Yen flows are active, but pound liquidity is thinner. Spreads can be wider than later in the day.
- London session. Liquidity for both currencies usually rises, and UK data is released during this session. Spreads are typically at their tightest here.
- London–New York overlap. Activity usually stays high, and US data adds to the movement.
- Late US session and the daily rollover. Liquidity drops and spreads often widen.
Spreads also widen around central bank decisions, major data releases and weekend gaps. A stop order can be filled at a worse price than the one you set when the market moves fast.
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GBP/JPY at Exness: what you can confirm
The tokens below are general Exness trading conditions. They are not a GBP/JPY-specific specification. Before you trade, check the GBP/JPY spread, swap, digits, contract size and trading hours in the platform's symbol specification.
| Condition | Exness value |
|---|---|
| Minimum lot | 0.01 lot |
| Maximum lot | 200 lots (7:00–20:59 GMT+0), 60 lots (21:00–6:59 GMT+0) |
| Forex leverage during higher margin requirements | 1:200 (0.5%) |
| HMR window | From 15 minutes before to 90 seconds after high-impact news |
| Margin call / stop out by account | Standard Cent: margin call 60%, stop out 0%; Standard: margin call 60%, stop out 0%; Pro: margin call 30%, stop out 0%; Raw Spread: margin call 30%, stop out 0%; Zero: margin call 30%, stop out 0% |
| Negative balance | Balance reset to 0 after stop out |
Account spreads start from from 0.2 pips on Standard and from 0.1 pips on Pro. Raw Spread charges a commission of up to 3.50 USD each side per lot. These are account-level "from" figures, and the actual GBP/JPY spread varies. Compare the accounts on the account types page.
Unlimited leverage covers these instruments: Forex majors and minors, DXY, USDCNH, HKDJPY, USDHKD, USDTHB; all commodities except XAUUSD247; BTCUSD, BTCUSDT, ETHUSD, ETHBTC. Whether GBP/JPY falls into one of these groups should be checked in the Personal Area. Clients registered from Pakistan are on this list for automatic swap-free status: Algeria, Azerbaijan, Bahrain, Bangladesh, Brunei, Chad, Comoros, Côte d'Ivoire, Djibouti, Egypt, Indonesia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Kuwait, Lebanon, Libya, Maldives, Mauritania, Morocco, Niger, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Tajikistan, Tunisia, Turkiye, Turkmenistan, United Arab Emirates, Uzbekistan. Confirm your own status, and see swap fees.
Margin on GBP/JPY
Margin is the amount your account sets aside to open a position. It depends on lot size, leverage and the pound's value in your account currency. High leverage lowers the margin required, but it does not lower the loss per pip.
Fill in the empty fields to see the result.
Risk and the legal position in Pakistan
Leveraged forex and CFD trading can lose money fast, and GBP/JPY's wide moves make that faster. On residents' purchases, per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947. Also, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). On offshore platforms, per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. Read law and regulators before you decide anything.
Frequent questions
What does "pound yen" mean?
It is the common name for GBP/JPY, the price of one British pound in Japanese yen.
Is the pip on GBP/JPY the same as on GBP/USD?
No. Yen pairs have fewer decimal places, so the pip sits closer to the decimal point. Use the pip calculator on this page for the value in your account currency.
Why does GBP/JPY move so much?
It combines moves in the pound and the yen. Risk sentiment, the BoE, the BoJ and yield gaps can all affect it at once.
Can I practise on GBP/JPY without real money?
Yes. A demo account uses virtual funds of 10,000 USD (virtual). Note that demo not available for Standard Cent.
Where is the exact Exness GBP/JPY specification?
In the platform's symbol specification (MT4, MT5) and in your Exness Personal Area. Conditions can change, so check before each trade.
