Understanding the Forex symbol is essential to Forex trading. You need to remember that the first currency listed in the symbol is the base currency, and the quote is the base currency in terms of the second currency in the symbol.

Major currency pairs are EUR/USD, GBP/USD, USD/JPY, and USD/CHF.
For example:


2.) USDJPY is trading at 124.000. It means 1 U.S. Dollar is equal to 124 Japanese Yen. An increase in the number means that the U.S. Dollar is appreciating while the Japanese Yen is depreciating, and vice versa. Again, if a currency quote goes higher, that increases the value of the base currency. A lower quote means the base currency is weakening. Cross currency pairs are currency pairs that do not involve the U.S. dollar.

For example:
3.) With EURJPY at a price of 126.34, it means that 1 Euro is equal to 126.34 Japanese Yen.