The trading day as a clock: Asian, London and New York hours, the overlaps, and seasonal patterns that repeat across the year.
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.