Trading Currency Pairs is the most popular way traders make money on the Forex market. Currencies are always traded in pairs, for example, EURUSD, GBPUSD, USDJPY, AUDCAD.
The first two letters of a currency pair represent one of the currencies traded, while the second two represent another currency.
An abundance of trading strategies is available to traders involving all kinds of forex chart patterns.
The majority of them require trading more than one currency pair, thus making it a need to know many different currency pairs.
Japan offers some exciting opportunities with her multiple series’ that she has produced since 1953.
One can find rare coins and banknotes from this country with great consistency on eBay. Some banknote series are difficult to find or have become very expensive.
Let’s explore three currency pairs involving Japan, its exciting history, availability on eBay and their annual interest rates. Of course, many more currency pairs involve Japan, but these are the most popular.
The first two letters in each pair represent one of the traded currencies, while the second two represent another currency.
The order in which they appear is how they’re changed against each other (i.e., EURUSD means buy EUR using USD; GBPUSD means sell GBP using the US).
Each currency pair has a major and a minor currency; for instance, EURJPY trades euro vs Japanese yen, where euro is major, and the yen is minor.
Currency Pairs involving Japan – Major & Minor Currencies
- EURJPY: Euro vs Japanese yen – EUR is significant, and JPY is minor.
- GBPJPY: British pound vs Japanese yen – GBP is major, and JPY is minor.
- USDJPY: US dollar vs Japanese yen – USD is major, and JPY is minor.
- INRJPEUR: Indian rupee vs euro – INR (Indian rupee) is major, and EUR (euro) is minor.
- INRJPYEUR: Indian rupee vs British pound sterling – INR (Indian rupee) is major, and GBP (British pound sterling)is minor. (The above two pairs are currently not available)
- INRJPYUSD: Indian rupee vs US dollar – INR (Indian rupee) is major, and USD (US dollar)is minor. (The above two pairs are currently not available)
Examples of Rare Coins & Banknotes from Japan that can be found on eBay
1944 Japanese 100 yen – Coin Year 2000 –
This coin was minted in forty-five different countries to celebrate the new millennium. These coins were distributed as a souvenir for this historical event.
Their face value is unknown but could be worth much more than their original, very low issued price. They are made of Aluminum Bronze with no silver content.
The total number of these coins produced is approximately 7,000,000 and is considered a standard coin. Most of them were distributed to banks throughout Japan and Europe; therefore, most of them reside there.
Not available on eBay This example of a scarce banknote was produced by; The Bank of Japan (BOJ), known as the 100 million yen bill. It was issued in 1940 and had an issue number of 1 with eight zeros following.
For obvious reasons, they never reached circulation, thus making them very valuable to collectors. I’ve seen some advertised for sale at about $3,500, but one can expect that price to increase over time and possibly become unavailable on eBay due to supply and demand.
More currency pair trading options.
The major currency pairs offered by Western Union are United States Dollar-Japanese Yen (USD/JPY), Euro-Japanese Yen (EUR/JPY), British Pound-Japanese Yen (GBP/JPY) and Australian Dollar-Japanese Yen (AUD/JPY)
Western Union provides the most widely available currency pairing in Japan, with USD/JPY being particularly popular.
While people who live in Japan can send money to many different countries, they need to consider what currency they will receive.
The main currencies supported by Western Union for remittance out of Japan include the Chinese Yuan Renminbi (CNY), Philippine Peso (PHP), United States Dollar (USD) and Euros.
People who want to send money from Japan need to open an account at Western Union first; it’s free and easy to do online.
The currency pairs offered by MoneyGram are United States Dollar-Japanese Yen (USD/JPY), Euro-Japanese Yen (EUR/JPY), British Pound-Japanese Yen (GBP/JPY) and Australian Dollar-Japanese Yen (AUD/JPY).
Follow Saxo for more information on currency pairs.