The Most Volatile Forex Pairs, Ranked
Ranked by average daily range
| # | Pair | Average | 95th percentile | Widest day | Weekend gap (95th) |
|---|---|---|---|---|---|
| 1 | GBP/JPY | 139.3 | 306 | 842.6 | 64.91 |
| 2 | EUR/JPY | 109.2 | 241.3 | 702.3 | 59.4 |
| 3 | USD/JPY | 105.9 | 240.6 | 690.6 | 36.66 |
| 4 | GBP/USD | 85.7 | 177.9 | 603.7 | 30.9 |
| 5 | USD/CAD | 70.2 | 144.2 | 407.3 | 20.4 |
| 6 | EUR/USD | 66.9 | 141.6 | 312.4 | 23.44 |
| 7 | AUD/USD | 58.5 | 117.2 | 345.2 | 22.36 |
| 8 | AUD/CAD | 57.4 | 109.4 | 380.1 | 26.08 |
| 9 | EUR/GBP | 40 | 82.4 | 427.3 | 16.95 |
All figures in pips. JPY crosses are quoted to two decimals and their pip is 0.01, which is already accounted for — the numbers are directly comparable across this table.
Volatility is not opportunity
A pair that moves twice as far offers a target twice as far away and a stop twice as far away. The ratio between them is a property of the strategy, not of the pair. What changes with volatility is how much capital a fixed-percentage risk buys, and how badly a mis-sized stop behaves on the tail days — GBP/JPY's 95th percentile day is 306 pips against EUR/GBP's 82.4.
The tail matters more than the average
Every pair here has days several times its own average. The widest GBP/JPY day in the sample was 842.6 pips — 6× the average. A position sized as though the average were the worst case is sized for the wrong day.
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Questions
What is the most volatile forex pair?
Of the nine majors and crosses measured, GBP/JPY at 139.3 pips per day on average, with a 95th-percentile day of 306 pips.
What is the least volatile forex pair?
EUR/GBP at 40 pips a day, roughly 3.5 times narrower than GBP/JPY.
Should beginners trade volatile pairs?
Volatility does not change the reward-to-risk of a strategy; it changes how much a fixed risk buys and how unforgiving a mis-sized stop becomes. The practical argument for a narrower pair is that mistakes cost less while they are being found.
Are JPY pairs comparable to the others in pips?
Yes, as presented here. JPY crosses use a 0.01 pip and the others 0.0001, and both are converted before ranking, so the table compares like with like.