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What is the exchange rate of USD (US Dollar) / JPY (Japanese Yen) on Tuesday March 16, 2021

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Get the latest mid-market rate for USD (US Dollar) / JPY (Japanese Yen) for Tuesday March 16, 2021 right here. 

The latest rates for USD (US Dollar) / JPY (Japanese Yen)  are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest Forex Market data to bring you live information to help you make the right forex trading decisions. 

Tuesday March 16, 2021 1 USD (US Dollar) is worth 108.974025 of JPY (Japanese Yen) . 

Remember to always trade with a reputable broker. It’s also possible to apply forex concepts to cryptocurrency trading.

Forex pairs explained

Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.

Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case USD (US Dollar) and a quote currency JPY (Japanese Yen).

The price displayed for a currency pair represents the amount of quote currency, or JPY (Japanese Yen) you will need to spend to purchase one unit of the base currency USD (US Dollar) In this example that means you need to spend 108.974025 of JPY (Japanese Yen) in order to purchase 1 USD (US Dollar).

The three types of forex pairs

Forex pairs can be broadly separated into three categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies are the most traded currencies on the market. Which currencies make the cut will vary, but almost all lists will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • Commodity currencies are currency pairs where their value is closely tied to a commodity such as oil, coal, or iron ore. Examples include AUD/USD and USD/CAD
  • Cross currencies are currency pairs which don’t include USD. Examples include EUR/GBP and EUR/JPY.

What are the most traded forex pairs in the world?

  1. EUR/USD (Euro/US Dollar)
  2. USD/JPY (US Dollar/Japanese Yen)
  3. GBP/USD (British Pound Sterling/US Dollar)
  4. AUD/USD (Australian Dollar/US Dollar)
  5. USD/CAD (US Dollar/Canadian Dollar)
  6. USD/CNY (US Dollar/Chinese Renminbi)
  7. USD/CHF (US Dollar/Swiss Franc)
  8. USD/HKD (US Dollar/Hong Kong Dollar)
  9. EUR/GBP (Euro/British Pound Sterling)
  10. USD/KRW (US Dollar/South Korean Won)

Is cryptocurrency trading the same as forex trading?

Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.

It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.

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