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When Tokyo's equity market opens at 9:00, it brings a wave of flows into yen pairs. Japanese institutional investors adjust positions, exporters sell dollars, and the first hour sets the tone for the day.

The cross rates, such as EURJPY, GBPJPY and AUDJPY, move more than USDJPY on the same impulse. They contain two sources of movement: the yen and the other currency.

A pattern many observe is a burst of activity at 9:00 to 9:05 Tokyo time, a pause, and a second wave at 9:30 as the first reactions are reviewed. It isn't reliable, and the direction depends on overnight news from the US and Europe.

The sharp moves sometimes carry through the Tokyo morning until the lunch break. After it, volatility drops until the Chinese market comes back.

A good habit is to compare the Nikkei futures with the yen at the open. If both move in the same direction, the move is more likely to have follow-through. If they diverge, expect noise.

For traders in other time zones, the Tokyo open arrives at awkward times, and many skip it. Those who watch it will find a distinct personality in the first hour.

How does the yen cross of your choice behave in the first 30 minutes after the Tokyo equity open?

I traded GBPJPY at the Tokyo open for most of a season, sitting up at what was an ugly hour where I live. The first five minutes after the cash open were often the biggest of the whole Asian session, and as you say the cross moved a lot more than USDJPY on the same push, because the pound side was still digesting whatever happened in London and New York.

The second wave around half an hour in was real often enough that I started waiting for it. My best trades came when the first burst and the second wave pointed the same way. When they disagreed, the rest of the morning tended to chop until lunch.

Comparing with Nikkei futures helped too. If the index and the yen moved together I gave the trade more room, and if they disagreed I took small targets or stayed out. I eventually stopped trading that session because of sleep, but I'd say it has more personality than most.