Free tool · Market statistics
GBP/JPY (GBPJPY) volatility by hour, day and month
When GBP/JPY moves, how much, and on which days — measured on 1513 trading days of real one-minute data from our broker feed, 2021-01-04 to 2026-10-30. Descriptive statistics of the past, not a forecast.
Volatility by hour
Over the last 12 months, the hour with the widest average range on GBP/JPY was 15:00–16:00 UTC (22.2 bp), and the quietest was 21:00–22:00 UTC (7.3 bp): 3.0 times smaller.
Average range of each one-hour bar, in basis points of price. Hours without prices in our feed are not drawn.
Table: range by hour, UTC, last 12 months
| Hour (UTC) | Mean, bp | Median, bp | Hours measured |
|---|---|---|---|
| 00:00 | 16.1 | 14.9 | 89 |
| 01:00 | 14.1 | 12.1 | 89 |
| 02:00 | 12.0 | 10.5 | 89 |
| 03:00 | 10.5 | 8.9 | 89 |
| 04:00 | 10.8 | 10.2 | 88 |
| 05:00 | 10.9 | 10.2 | 88 |
| 06:00 | 12.2 | 11.1 | 88 |
| 07:00 | 18.8 | 15.1 | 88 |
| 08:00 | 18.6 | 16.3 | 88 |
| 09:00 | 16.6 | 14.4 | 88 |
| 10:00 | 13.3 | 12.9 | 88 |
| 11:00 | 13.5 | 12.5 | 88 |
| 12:00 | 15.1 | 12.6 | 88 |
| 13:00 | 16.3 | 13.9 | 88 |
| 14:00 | 18.8 | 16.7 | 88 |
| 15:00 | 22.2 | 19.4 | 88 |
| 16:00 | 15.0 | 13.6 | 88 |
| 17:00 | 13.0 | 11.3 | 88 |
| 18:00 | 10.6 | 9.4 | 88 |
| 19:00 | 9.6 | 8.7 | 88 |
| 20:00 | 8.4 | 7.2 | 88 |
| 21:00 | 7.3 | 6.5 | 88 |
| 22:00 | 11.6 | 9.2 | 89 |
| 23:00 | 13.7 | 12.2 | 89 |
Day of the week
Thursday has the widest average daily range (0.92%), Tuesday the narrowest (0.84%). Only Monday, Tuesday, Wednesday shows an average open-to-close return that is distinguishable from zero at 95% confidence (marked •). Even then it is one measurement over a few years: check the year-by-year table before reading anything into it.
| Day | Average range | Open → close, mean ± 95% CI | Up days | Days |
|---|---|---|---|---|
| Monday | 0.86 % | +0.222 % ± 0.056 • | 68.8 % | 301 |
| Tuesday | 0.84 % | +0.081 % ± 0.063 • | 60.2 % | 304 |
| Wednesday | 0.85 % | +0.121 % ± 0.065 • | 59.6 % | 302 |
| Thursday | 0.92 % | −0.019 % ± 0.070 | 49.3 % | 302 |
| Friday | 0.88 % | +0.026 % ± 0.067 | 55.6 % | 304 |
Average open → close return, year by year (%)
| Year | Mon | Tue | Wed | Thu | Fri |
|---|---|---|---|---|---|
| 2021 | +0.170 | +0.038 | +0.129 | +0.090 | −0.005 |
| 2022 | +0.233 | +0.112 | +0.157 | −0.079 | −0.114 |
| 2023 | +0.271 | +0.100 | +0.056 | −0.120 | +0.221 |
| 2024 | +0.153 | +0.053 | +0.206 | +0.069 | −0.019 |
| 2025 | +0.246 | +0.087 | +0.109 | +0.022 | +0.025 |
| 2026 | +0.268 | +0.103 | +0.059 | −0.111 | +0.052 |
Monthly seasonality
Return of each calendar month, from the first open to the last close. With only 6 years per month, one unusual year moves the average a lot: the median and the year-by-year table are there to show it.
| Month | Mean | Median | Positive | Years |
|---|---|---|---|---|
| January | +0.82 % | +0.86 % | 67 % | 6 |
| February | +0.94 % | +0.72 % | 50 % | 6 |
| March | +1.70 % | +1.57 % | 100 % | 6 |
| April | +1.42 % | +1.86 % | 67 % | 6 |
| May | +1.35 % | +1.58 % | 83 % | 6 |
| June | +1.80 % | +1.80 % | 83 % | 6 |
| July | −1.43 % | −1.02 % | 17 % | 6 |
| August | +0.23 % | −0.31 % | 33 % | 6 |
| September | −0.83 % | −0.40 % | 50 % | 6 |
| October | +2.63 % | +2.00 % | 100 % | 6 |
| November | −0.99 % | −2.38 % | 40 % | 5 |
| December | +0.09 % | +2.29 % | 60 % | 5 |
Every month, year by year (%)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | +1.9 | +3.4 | +2.9 | −1.0 | +3.1 | −1.3 | −0.7 | −0.7 | −0.9 | +4.1 | −3.5 | +3.5 |
| 2022 | −0.5 | −0.3 | +3.7 | +2.2 | −0.6 | +2.0 | −1.8 | −0.4 | +0.1 | +5.6 | −2.4 | −4.7 |
| 2023 | +1.3 | +2.2 | +0.1 | +4.2 | +1.4 | +5.7 | −0.4 | +1.0 | −1.1 | +1.0 | +1.6 | −4.0 |
| 2024 | +4.0 | +1.7 | +0.9 | +3.2 | +1.8 | +1.6 | −5.2 | −0.4 | +0.2 | +2.1 | −2.8 | +3.3 |
| 2025 | −2.2 | −0.6 | +2.2 | −1.5 | +1.8 | +2.2 | +0.8 | −0.2 | +0.3 | +1.9 | +2.2 | +2.3 |
| 2026 | +0.4 | −0.7 | +0.3 | +1.5 | +0.7 | +0.6 | −1.3 | +2.1 | −3.5 | +1.1 | — | — |
Trading sessions
How much of the day's range happens inside each session, over the last 12 months. Sessions overlap, so the shares do not add up to 100%. A session with no prices in our feed is not listed.
| Session | Average range | Median share of the day's range | Days |
|---|---|---|---|
| Tokyo 09:00–15:00 Tokyo time | 27.9 bp | 42 % | 258 |
| London 08:00–16:30 London time | 46.0 bp | 73 % | 258 |
| New York 08:00–17:00 New York time | 38.6 bp | 61 % | 258 |
Volatility over the last year
ATR (14) as a percentage of the price, one point per trading day.
How it is measured
- One-minute bid prices from the cTrader broker feed we use for our own backtests: 1513 complete trading days, 2021-01-04 to 2026-10-30.
- A trading day is the broker's: it closes at 17:00 New York time, as in cTrader. Partial days (holidays) are left out.
- Range = high − low of the period, as a share of its opening price. 1 bp (basis point) = 0.01%. ATR is Wilder's 14-day average true range.
- The hourly profile is measured in UTC and kept separately for US summer and winter time, so the hours shown in your time zone stay right all year.
- Updated every day after the market data sync. These are descriptive statistics of the past: they are not a forecast and not a trading signal.