 
The prime example is August, the month in which the market has been down
every year since 1999. During that time, USD/JPY fell for the month at least
137 pips each time around, with most of the declines coming in at better
than 200 pips. The average has been 320 pips, which translates to a move
of 2.80%.
In the case of EUR/JPY, as one might expect, August is a consistent down
month, though there has been one up month since 1999. The average decline
has been over 300 pips. November has been equally biased to the upside in
terms of the 6:1 ratio, but the average rise is only 77 pips. The really
interesting month, however, is December. The market rose every year from
2000 to 2004. Even though it fell in 2005, the cross has averaged a 350+ pip
increase each year.
Weekday patterns filtered by month (1999-2005)
| Weekday | Month |
Up:Down |
Up/Down % |
Avg. Pips |
Avg. % | | Tuesday |
August | 9:22 |
Down 71% |
-27 | -0.23% |
| Thursday | August |
11:20 | Down 65% |
-13 | -0.10% |
| Friday | August |
11:20 | Down 65% |
-12 | -0.10% |
| Monday | January |
11:20 | Down 62% |
-30 | -0.26% |
| Tuesday | May |
12:18 | Down 60% |
-22 | -0.18% |
| | | |
| |
| | Wednesday |
November | 20:9 |
Up 69% | 15 |
0.15% | | Friday |
September | 19:10 |
Up 65% | 26 |
0.24% | | Thursday |
January | 19:10 |
Up 65% | 20 |
0.18% | | Wednesday |
February | 18:10 |
Up 64% | 33 |
0.30% | | Tuesday |
December | 18:11 |
Up 62% | 15 |
0.13% |
Source: Anduril Analytics |
