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While not as heavily traded as currency pairs involving the USD, the EUR/JPY has some unique characteristics that make it worthwhile for some traders. Historically a low-yielding currency, the JPY is a favourite for traders who wish to carry trades; ie. borrow JPY cheaply and purchase EUR, historically a high-yielding currency.
Because carry-trading is more popular in times of economic stability and growth, the EUR/JPY is more affected by market sentiment than many other currency pairs. EUR/JPY traders also need to be aware of monetary policy in both the Eurozone and Japan. Because it is less commonly traded, spreads can be relatively wide for the EUR/JPY, averaging about 1.8 pips.
The table below shows the Forex brokers with the lowest trading costs for EUR/JPY, including the spread and commission. It also details the industry average spread and industry average trading cost for 1 lot of EUR/JPY.
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Broker | Overall Rating | Official Site | Min. Spread | Commission | Cost of Trading (USD) | Ind. Avg. Spread | Ind. Avg. Trading Cost | Max. Leverage (Forex) | International Regulators | Trading Desk | Hedging | Scalping | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 2.57 pips | USD 0 | USD 25.70 | 1.80 pips | USD 20.07 | 200:1 |         | Market Maker | Yes | Yes | |||
 | 3.60 pips | USD 0 | USD 36 | 1.80 pips | USD 20.07 | 300:1 |    | Market Maker | Yes | Yes | |||
 | 2.50 pips | USD 0 | USD 25 | 1.80 pips | USD 20.07 | 200:1 |   | Market Maker | Yes | Yes | |||
 | 1.00 pips | USD 0 | USD 10 | 1.80 pips | USD 20.07 | 200:1 |   | NDD | Yes | Yes | |||
 | 1.80 pips | USD 0 | USD 18 | 1.80 pips | USD 20.07 | 400:1 |    | Market Maker | Yes | Yes | |||
 | 0.50 pips | USD 4 | USD 9 | 1.80 pips | USD 20.07 | 500:1 |   | STP | Yes | Yes | |||
 | 0.59 pips | USD 7 | USD 12.90 | 1.80 pips | USD 20.07 | 500:1 | | Market Maker NDD | Yes | Yes | |||
 | 1.90 pips | USD 0 | USD 19 | 1.80 pips | USD 20.07 | 1000:1 |  | STP | Yes | Yes | |||
 | 0 pips | USD 0 | USD 0 | 0 pips | USD 0 | 500:1 |   | Market Maker NDD | Yes | Yes | |||
 | 1.30 pips | USD 0 | USD 13 | 1.80 pips | USD 20.07 | 500:1 | | ECN/DMA | Yes | Yes |
If we see a continuation or escalation of hostilities, expect gold, oil, and the USD to push even higher
EM currencies are all already seeing a lift, with the South African Rand hitting 20-month highs against the USD.
We can now expect a relatively rapid reduction in interest rates for all major currencies and a period of increased volatility.
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