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What is the mid-market rate of USD (US Dollar) / JPY (Japanese Yen) on Saturday October 24, 2020

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Get the latest mid-market rate for USD (US Dollar) / JPY (Japanese Yen) for Saturday October 24, 2020 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. 

Saturday October 24, 2020 1 USD (US Dollar) is worth 104.758504 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

Forex trading is risky and complicated. There are countless pairs to choose from and it’s easy for a novice trader to become overwhelmed. Information is power and Born2Invest has curated some beginners forex trading tips to help you get started.

Currency pairs are the foundation of forex trading. Whenever you purchase one currency you sell another. Every pair has a base currency, in this example USD (US Dollar) and a quote currency, or JPY (Japanese Yen).

A currency pair represents how much quote currency, or JPY (Japanese Yen), that needs to be spent in order to purchase one unit of USD (US Dollar), the base currency. In the current example you would need to spend 104.758504 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?

While cryptocurrency trading shares many similarities to forex trading there are some key differences. Yes both markets are volatile and have the idea of “pairs” but cryptocurrencies are broadly unregulated and fall into a larger number of categories. The crypto market is complicated and very difficult for a novice investor to navigate.

To make matters more confusing most cryptocurrency trades take place on exchanges. These are typically unregulated and come with a higher degree of risk than using a broker. Many traders opt to use a CFD broker with crypto pairings.

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