Bybit x FXStreet FX Report: Why the yen is a trader’s favorite

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The Japanese yen (JPY) is one of the most active and volatile currencies in the foreign exchange (FX) market. Traders around the world focus on JPY pairs like USD/JPY, EUR/JPY and AUD/JPY because they offer strong price movements and frequent opportunities.

Unlike stocks or cryptocurrencies that typically swing wildly, most FX pairs are relatively stable. That’s why JPY moves stand out. For example, in July 2024, the USD/JPY ratio reached 162 — its highest level since December 1986. Then, it dropped to 139 by September — a 14% decline in just two months.

By January 2025, USD/JPY bounced back to 158, only to fall again to 139 in April. These large moves show why JPY is a favorite for traders seeking momentum and volatility.