GBP/JPY’s reputation is built on its range. The bill is built on three separate costs, only one of which your platform shows you. How to measure your own spread curve and size positions in units of volatility.
The Tokyo session in USD/JPY is quiet because the flow is mechanical, not because nothing is happening. The 09:55 fix, carry, the lunch-hour trap and why intervention risk makes this pair’s tail asymmetric.
EUR/USD does not have one personality — it has four, and they hand over at predictable points in the clock. A practical map of the pair’s hourly behaviour and why the 08:00 New York boundary changes the shape of the distribution.