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AUD/JPY Contract Newbie



Hi,  I am a complete Newbie to day trading.  I have read the various help guides, but I cannot understand the size & amounts involved in buying/selling an AUD/JPY forex contract.


I am an Australian based user.


If I buy 1 contract of AUD/JPY what is the notional amount I have invested in AUD and JPY?  For instance, if I bought 1 contract at 80.00, have I bought JPY100 which is AUD80?  I understand 1 pip is the 2nd decimal place.   So if the price went to 80.01, have I made JPY1 which is AUD$0.8.


I'm confused.  Part of the confusion is I know that 100JPY is about 80 australian cents, but when it comes to the way things are quoted and contract sizes, I get really confused.


AUD with GBP, EUR, USD seems to be easier to understand, but I cannot get my head around JPY.

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Hi   If you search youtube videos you can find many to help explain the calculation of pips in forex pairs but I wouldn't get too bogged down because you are not really buying or selling anything, you are taking a position in the market with the expectation price will move either up or down and so with that in mind the most important calculation is your risk and for that you need a position size calculator.


The fastest way to learn is to get on demo and play. 





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