Forex dragon
The British Pound GBP against the Japanese Yen JPY pair denotes how many Yen are needed to purchase one Pound Sterling.
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GBPJPY is a pair widely followed by scalpers and forex day traders. Day traders love the wide and volatile swings the pair tends to make on a day by day basis. There is enough liquidity in the pair for scalpers to quickly get into and out of trades.
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Additionally, forex technical analysis, such as support and resistance trading, tends to work well due to the amount of volume and forex transactions that takes place in the GBPJPY.
This volume and liquidity carves technical patterns that short-term traders closely follow.
GBPJPY is also a forex trading hong kong followed market for the medium-term and longer-term traders. Since the JPY is historically a low yielding currency, it is forex dragon used as a funding currency of a trade.
Additionally, with the United Kingdom being one of the larger economies in Europe, the Pound-Yen pair carry trade can be viewed as a proxy for worldwide economic health.
On the other hand, when the markets experience severe risk aversion, this pair has been a proxy for market 'risk-off' moves as the carry trade gets reversed. As a forex dragon, GBPJPY has seen strong trends develop that can be in excess of thousands of pips.
Trading the Dragon: GBPJPY
Dragon Forex uses a price action based system where a favourable risk to reward ratio is set by default at 1: Dragon Forex Expert takes advantage of this highly volatile pair - GBPJPY, detecting early trend on both hourly and 4-hourly bars allowing move to instinctively follow through. Dragon Forex Expert demonstrates robust performance in backtesting over a 6 year period without setting alterations, clearly indicating a system that performs in all market conditions.
Feb 21, Live broker: Visit the website of this EA. Dragon Forex Strategy The British Pound GBP against the Japanese Yen JPY pair denotes how many Yen are needed to purchase one Pound Sterling.