Lesson 7 of 11 · 7 min
Market sessions
The four trading sessions, why the overlaps matter, and how to pick hours that suit you and your pairs.
By the end you'll be able to
- Name the four sessions and roughly when each is open in your time zone
- Explain why overlaps have tighter spreads and larger moves
- Match currency pairs to the sessions where they are most active
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The market is open 24 hours, but it is not the same market at 3 a.m. as at 2 p.m. Choose your hours on purpose.
Four centres, one day
Open now: …
Tap a session to highlight it. Times are converted to your time zone; they shift by an hour around daylight-saving changes.
Trading follows the working day around the globe:
| Session | Approx. hours (UTC) | Character |
|---|---|---|
| Sydney | 21:00–06:00 | Quietest; AUD and NZD pairs most active |
| Tokyo | 00:00–09:00 | JPY pairs active; often range-bound |
| London | 07:00–16:00 | Largest centre; big moves in EUR and GBP |
| New York | 12:00–21:00 | USD activity; major US data releases |
Why overlaps matter
When two centres are open at once, there are more buyers and sellers in the market. More participants means tighter spreads, faster fills and bigger, cleaner moves. The London–New York overlap (roughly 12:00–16:00 UTC) is usually the most active window of the day.
The opposite is also true. In the quiet hours after New York closes, spreads widen and price can drift aimlessly.
Choosing your hours
- Match the pair to the session. AUD/USD moves most in Sydney and Tokyo hours; EUR/GBP in London; USD pairs in the overlap.
- Respect the opens. The first 15 minutes of London and New York are often erratic as orders pile in.
- Fit trading to your life. If the overlap is 3 a.m. for you, build a plan around the session you can actually be awake for, rather than forcing it.
Notice how the clock above tells you, right now, which sessions are open and which pairs that favours.
Quick check
Question 1 of 3
Which window is usually the most liquid of the day?
Question 2 of 3
Why do spreads widen in quiet hours?
Question 3 of 3
Which pair is most likely to be active during the Tokyo session?
Go deeper: The four forex sessions and when the market really moves · GBP/USD trading guide · The Most Traded Currency Pairs