British Pound / Japanese YenGBP/JPY

GBP/JPY — "the dragon" — is the exchange rate between the British pound and the Japanese yen, known for high volatility and wide daily ranges. It often behaves as a barometer of global risk appetite: moves can be sharp when sentiment shifts. Interest-rate differentials between the Bank of England and the Bank of Japan, plus carry-trade flows, drive much of the action. Big moves cut both ways — size positions conservatively.