In Japan, there is a period called Obon holiday in August. Most businesses are closed for the holidays. So what will happen to FX? And will it affect the business hours of XM?
What is Obon holiday?
Obon vacation is a long vacation period that is unique to Japan. Obon is a series of events held in Japan during the summer to honor the spirits of ancestors. It is an event that combines ancient Japanese ancestor worship and Buddhism, and it is known that many companies take time off from work during this period. In the past, many people used to take a holiday on July 15th, but because it overlapped with the busy farming season in many areas, it caused problems. companies are increasing.
Trade during the Obon period
The Obon period is a culture unique to Japan, and only Japan is affected. Therefore, FX can be done without problems even during the Obon period. But be careful with pairs of circles. Certainly, volatility drops during this period, so there are many things that can make a big difference. Never go against the big flow when trading during this period. Because you could lose a lot. In addition, spreads may open more easily, so let’s trade with caution.
XM Trading Hours and Days of Operation
There is no particular change in the company’s business during the Obon period. If it is a public holiday, both the support and the company will be closed, but you can receive support normally even during the Obon period. Regarding Japanese support, both email and live chat will be affected by Obon, so please be aware that we will be closed on public holidays.
When trading with XM, you have to pay attention to bank deposits and withdrawals. Most banks in Japan are closed during the Obon period. Even if you request to process deposits and withdrawals, there is nothing you can do because the bank is stopped in the first place. Deposits and withdrawals may not be accepted, so it is necessary to devise methods such as depositing using a credit card or debit card.
An anomaly is something that “I don’t know why, but it tends to behave in the same way at certain times”. There is an anomaly in the August market. The August market anomaly means that it is difficult to see a direction and the yen tends to appreciate. It is better not to get involved especially for beginners who do discretionary trading because it is often difficult to predict the movement due to the remarks of important people. August is a time when even veteran traders don’t do much.