Liquidity Term Structure

USD/JPY

Hourly liquidity profile

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• For USD/JPY, the average liquidity in pre-COVID market conditions is about double the average liquidity in recent market conditions.
• In the recent market conditions, the average liquidity for USD/JPY is highest around Sydney close. This is different to pre-COVID market conditions when the highest average liquidity is observed around Tokyo close and London open.
• Liquidity in USD/JPY drops off sharply between 13:00 and 14:00 GMT (going into London close and New York open) in the recent market conditions, relative to pre-COVID market conditions.