USD/JYP is another very good pair for beginners as it is only 2nd in terms of liquidity and trading volume on the daily forex market.
I recommend traders to use major currency pairs, mostly EURUSD or JPYUSD, since they have higher liquidity and using a lower commission broker with tight spreads such as etoro or FP Markets will be a good advantage with these currencies even during volatile market situations.
There will always be pros and cons of trading a particular category of currency pair. For instance, when you are trading majors, you may get tight spreads and market stability but the profits will be limited. But if you trade exotic pairs, spreads will be wider and the market will be highly unstable and the profit making opportunities will be huge. It is completely up to you what you can afford at a particular moment and make your decision accordingly.
There are no absolute rights and wrongs in trading. Many questions do not have a 100% correct right answer. But for some questions its possible to be 70 or 80 or 90% right and that’s good enough. Where I’m going to with this is that when I say that if a new trader starts trading with real money on time-frames less than 4 hours, they will be broke within about 6 months. And I will be about 90% right on this.
I trade with major currency pairs and some crosses. My portfolio includes EUR/USD, USD/JPY, GBP/USD, GBP/CHF, and CHF/USD. As a new trader, you should trade with major pairs. EUR/USD is preferable to traders since it’s easy to trade.
Yeah, but for now it's appearing unstable as it is staying in consolidation above 1.2154 temporary low. But stronger recovery cannot be ruled out. But outlook will stay bearish as long as 1.2637 resistance holds.