Trade GBP/JPY, the high-volatility cross
GBP/JPY prices how many Japanese yen one British pound buys. It combines a lively currency with a safe-haven one, which produces some of the widest daily ranges among liquid pairs. Active traders like the movement; it also demands careful position sizing.
- 24/5 trading
- Buy or sell
- Regulated by FSC Mauritius
GBP/JPY
Spreads from, pips · Premium
1.0
About GBP/JPY
British pound vs Japanese yen
Traders nicknamed the pair the Guppy, and sometimes the Beast, because of its size of moves. GBP/JPY is effectively GBP/USD multiplied by USD/JPY, so it picks up the volatility of both: UK news, US yields and Japanese policy all feed into it.
The yen side makes the pair very sensitive to global risk mood. When markets are calm, a wide interest-rate gap between the UK and Japan has supported carry trades and a firmer GBP/JPY; in sudden risk-off episodes, the yen can rally sharply and the pair can fall hundreds of pips.
- MT5 symbol
- GBPJPY
- Known as
- Guppy
- Pip size
- 0.01
- Trading hours
- 24/5
- Central banks
- Bank of England and Bank of Japan
- Pip value (1 lot)
- ¥1,000 per standard lot (about $6.67 at USD/JPY 150.00)
- Character
- One of the most volatile crosses
What moves it
4 forces that drive GBP/JPY
BoE vs BoJ
The rate gap between the UK and Japan drives carry flows into or out of the pair.
Global risk mood
Equity sell-offs tend to strengthen the yen and pull GBP/JPY lower, often quickly.
UK data
UK inflation, wages and GDP move the pound side of the pair.
Japanese intervention
Japan's Ministry of Finance has bought yen to stop rapid declines, which can hit all yen crosses.
When to trade
Best hours and key releases for GBP/JPY
Most active: The Tokyo–London handover around 07:00–09:00 GMT, and the London session.
| Session | GMT | UAE time |
|---|---|---|
| Sydney | 21:00–06:00 | 01:00–10:00 |
| TokyoActive | 00:00–09:00 | 04:00–13:00 |
| LondonActive | 07:00–16:00 | 11:00–20:00 |
| New York | 12:00–21:00 | 16:00–01:00 |
Releases that move GBP/JPY
- BoE rate decisionEight times a year.
- BoJ policy decisionEight times a year.
- UK CPIMonthly.
- Tokyo CPIMonthly.
- US payrolls and CPIMonthly; they move risk mood and USD/JPY.
Spreads can widen and prices can gap around these releases. Check an economic calendar for exact dates and times.
Pricing
GBP/JPY spreads by account
Choose the account that fits your trading. The live GBP/JPY spread is always shown in MT5 before you place an order.
Classic
Spread-only, no commission
Spreads from
1.6 pips
- Commission
- None
- Min. deposit
- $100
Premium
Lower spreads, no commission
Spreads from
1.0 pips
- Commission
- None
- Min. deposit
- $3,000
VIP
Raw spreads plus commission
Spreads from
0.0 pips
- Commission
- $6 per 1.00 lot round turn, proportional to lot size
- Min. deposit
- $25,000
* Indicative typical spreads, may vary; last updated 28 September 2026. Spreads are variable and may widen during news releases and low-liquidity sessions. Commissions may apply depending on account type.
Leverage magnifies both gains and losses. Maximum leverage depends on the instrument, account type and your jurisdiction.
Get started
How to trade GBP/JPY on MT5
- 1
Open an account
Register online, verify your identity and choose Classic, Premium or VIP. - 2
Fund your account
Deposit with one of the available methods in the client portal. - 3
Find GBPJPY in MT5
Log in to MetaTrader 5, open Market Watch and add GBPJPY to see the live price and spread. - 4
Plan and place the trade
Set your position size and stop-loss, then choose Buy if you expect the pair to rise or Sell if you expect it to fall.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Forex prices, including GBP/JPY, can move quickly against you, especially around news releases.
FAQ
Frequently asked questions
What is the spread on GBP/JPY at IST Markets?
Spreads on IST Markets accounts start from 1.6 pips on Classic, 1.0 pips on Premium and 0.0 pips plus commission on VIP. The spread on GBP/JPY is variable and depends on market conditions; the live spread is always shown in MT5 before you trade. Cross pairs usually have wider spreads than the majors.
What is the pip value of GBP/JPY?
One pip on GBP/JPY is a price move of 0.01. On one standard lot it is worth ¥1,000 per standard lot (about $6.67 at USD/JPY 150.00); a mini lot (0.10) is worth a tenth of that and a micro lot (0.01) a hundredth. Use the free pip calculator to work it out for your trade size.
What is the best time to trade GBP/JPY?
The pair trades 24 hours a day, Monday to Friday. It is usually most active during The Tokyo–London handover around 07:00–09:00 GMT, and the London session. Liquidity tends to be thinnest around the daily rollover and late on Fridays, when spreads can widen.
Why is GBP/JPY so volatile?
It combines the moves of GBP/USD and USD/JPY, pairs an active currency with a safe haven, and is sensitive to carry-trade flows. Daily ranges are often much wider than on EUR/USD.
How should I manage risk on GBP/JPY?
Use a smaller position size than on the majors, always set a stop-loss, and be careful around BoE, BoJ and major US releases. Try the pair on a demo account first to get used to its movement.
Ready to trade GBP/JPY on MT5?
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