Japanese yen (JPY) intraday seasonality overview, 2003-2010

Intra-day seasonality in JPY is researched by averaging hourly logarithmic returns, grouped systematically into temporal "bins" according to the time of the day. Two types of average, the average across years of observation for each instrument, and an average across instruments for each year, are presented. The instruments are USD/JPY and four popular crosses involving AUD, EUR, GBP and CHF. The effects look practically insignificant given the typical levels of trading costs available to a retail trader, and given the lack of time stability.

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