A forex pair (or foreign currency pair) is the quotation of two currencies relative to each other, listed on a foreign exchange currency. It is essential to ascertain which currency is associated with each currency code/currency pair. In this case, USD/JPY dictates how many Japanese yen can be bought with 1 USD. However, not all the products we offer are quoted like this. For example, Brent Crude Oil and West Texas Intermediate are quoted as “BRENT” and “WTI” Respectively.
You may find there are nicknames for specific foreign currencies/currency pairs. For example, the currency pair “GBY/USD” is nicknamed “The Cable” from when the exchange rate between the U.S Dollar and the British pound began to be transmitted across the Atlantic ocean but a submarine communications cable.