Liquidity Term Structure

USD/JPY

Hourly liquidity profile

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.
Liquidity in USD/JPY also drops off sharply between 20:00 and 21:00 GMT (going into New York close) in the recent market conditions, relative to pre-COVID market conditions.
Liquidity in USD/JPY also drops off sharply between 7:00 and 8:00 GMT (going into Tokyo close and London open) in the recent market conditions, relative to pre-COVID market conditions.
The difference in the liquidity scores could have been affected by a significant increase in percent gross volume between 22:00 and 23:00 GMT. The model factors are explained on the methodology page.
In the recent period, the liquidity has generally worsened, relative to the COVID peak period.