Quoted - headies25284
The best time to trade USD/JPY in Kenya is when the market is most active and volatile β mainly during the Tokyo and New York sessions.
Tokyo Session (USD/JPYβs home market)
Time in Kenya:
π 2:00 AM β 11:00 AM (EAT)
(Because Japan is ahead of Kenya by 6 hours.)
This is when the Japanese markets open, and USD/JPY becomes naturally active.
πΊπΈ 2. New York Session
Time in Kenya:
π 4:00 PM β 12:00 AM (EAT)
USD/JPY gets very active when the U.S. markets open because USD is involved.
Trading the Tokyo session from Kenya is stressful because it is in the night, so if we are talking of best times it might not be the best. USD/JPY can be traded during London or New York depending on your strategy.
You need to have a strategy that works during your chosen time to trade, you cant just enter during New York without a strategy that suits that session.
For example many USD/JPY traders may not know that investors hedge alot of their USD and JPY exchange rate risk using USD/JPY option contracts (only second to EUR/USD). Because of this hedging with options, when the London session opens, UK banks/hedge funds tend to always trade towards the USD/JPY options thus pushing price towards the option expiries first. Now if you dont trade the London session and you decide to enter during New York, you would have missed out on most of the good action.
I attached yesterdays USD/JPY chart divided into sessions, you will see that London has some good action.