HUF/JPY is not a popular pair on Forex. It represents the cross rate against the U.S. dollar which has a significant influence on it. Thus, combining the USD/JPY and USD/HUF price charts, a trader can get an approximate HUF/JPY price chart.
As the U.S. dollar has a great impact on both currencies, it is necessary to consider the major economic indicators of the USA to predict the future movements of the pair. Such indicators may include the discount rate, GDP growth, unemployment rate, new vacancies, and many others. However, it should be noted that the currencies can respond with different speed to the changes in the U.S. economy, being a specific indicator of HUF/JPY.
The liquidity of this trading instrument is very low as compared to EUR/USD, USD/CHF, GBP/USD, and USD/JPY. Therefore, when you make a projection for this financial instrument, you should primarily focus on USD/JPY and USD/HUF.
HUF/JPY currency pair is very susceptible to a variety of major political and economic changes taking place in the world. Thus, the price chart for this currency pair is poorly predictable and often goes in the opposite direction relatively to any analysis.
It is not recommended for the newbies to start their trading activity on the currency market with HUF/JPY. For successful trading on this financial instrument you need to know a lot of nuances of price chart behavior that can greatly affect the future course rate.
If you trade cross rates, it is necessary to remember that brokers usually set a higher spread for popular currency pairs. Therefore, before you start working with the cross rates, read carefully the terms and conditions offered by the broker.
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